Gold slides in Asia on weak stocks, strong dollar

January 21, 2009

Commodity Online
SINGAPORE : Bullion prices suffered early setbacks in Asian trade Wednesday mainly on dollar surge amid weaker regional stocks.

Gold for immediate delivery fell as much as 1 percent to $848.41 an ounce and traded $850.90 at 10.30 a.m Singapore time.

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Gold for February delivery was down 0.5 percent at $850.80 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.

Among other precious metals for immediate delivery, silver gained 0.3 percent to $11.215 and palladium declined 0.1 percent to $184.5 an ounce, while platinum gained 0.7 percent to $946.50 an ounce as of 10:15 a.m. in Singapore.

The dollar advanced to a six-week high against the euro before a German producer prices report that may give the European Central Bank more scope to lower borrowing costs.

The dollar last traded at $1.2945 compared with $1.2904 late Tuesday.

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