Gold recovers on brisk buying

January 28, 2009

Commodity Online
SINGAPORE : Gold prices recovered in Asian trade Wednesday as investors began brisk buying the yellow metal as a safe haven.
Gold was trading at $898.60 an ounce, up $1.25 from New York's notional close on Tuesday, when it slipped nearly 1% on profit taking after prices rallied to $915.30 on Monday, its strongest since early October.

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Gold was 13% above a one-month low around $801 hit two weeks ago and around 12% below a lifetime high of $1030.80 struck last March, with investment demand also pushing exchange traded fund holdings to a record above 800 tones.

Record high holdings in the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, was also seen as a bullish sign as it indicates longer-term investors are entering the market.

The SPDR Gold Trust said it held 832.88 tones of gold as of January 27, unchanged from record level son the previous day but up 0.31 tones from January 23. Holdings have gone up more than 7% in the past month.

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