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January 27, 2009 |
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Commodity Online
SINGAPORE : Gold prices continued to trade above $900 an ounce despite a three day rally which witnessed the yellow metal soared to record highs.
Spot gold stood nearly unchanged at $902.20 an ounce in afternoon trade here, compared to Monday's close, after recoiling from a peak at $915.30, its firmest level since October 10.
US gold futures for February delivery retreated by 0.66% to $902.80 an ounce in after-hours trading on the Comex division of the New York Mercantile Exchange.
The world's largest gold-backed ETF, New York's SPDR Gold Trust, which issues securities backed by physical stocks of the precious metal, said its holdings rose 0.37% by January 26 to a new all-time high of 832.88 tones.
The trust's bullion holdings have climbed more than 52 tones since the beginning of the year.
Trading in Asia was subdued as financial markets closed in Singapore, China and South Korea for the Lunar New Year holiday.
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