Gold, silver edge up in European trade

January 23, 2009

Commodity Online
LONDON : Gold and silver prices advanced further in European trade Friday as volatile currency markets drove investors to opt for buying these precious metals.

Spot gold was at $873.30/874.90 an ounce in early trade here as against $855.55 late in New York on Thursday. It rose to an all-time high of 685.70 in euro terms, and a record 648.51 pounds when priced in sterling.

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Softened oil prices also helped gold’s cause. Silver climbed to $11.53/11.61 an ounce from $11.38 late in New York on Thursday.

The world's largest bullion-backed exchange-traded fund, New York's SPDR Gold Trust, said its holdings rose to a record for the fourth consecutive session on Thursday, climbing 1.6 percent or 13.15 tones to a 819.11 tones.

However, demand for gold jeweleries in traditionally key markets such as India and the Middle East is slack as prices remained high.

Platinum firmed to $929.50/934.50 an ounce from $926, while palladium eased to $182.50/187.50 an ounce from $182.

Both metals have suffered from a fall in demand from carmakers, who account for around half of annual platinum consumption.

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