Gold, silver extend losses in Asian trade

January 29, 2009

Commodity Online
SINGAPORE : Gold and silver prices extended losses in Asian trade Thursday after registering its biggest daily percentage drop in more than two weeks the previous day.

Gold was trading at $883.40 an ounce, down $2.20 from New York's notional close on Wednesday, when it hit an intraday high of $902.90 before falling as low as $879.10.

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At 11.00 a.m Singapore time, Bullion for immediate delivery dropped as much as 0.5 percent to $882.90 an ounce, and traded at $885.13.

Bullion's Monday rally to a three-month high above $900 had also spurred selling in the physical market, with dealers reporting an increase in the supply of scrap in South East Asia and also India, the world's main gold consumer.

Gold was below a three-month high of $915.30 hit on January 26, but it has bounced around 10% since falling to a one-month low around $US801 hit two weeks ago as investors sought safe-haven assets amid turmoil in the financial markets.

Among other precious metals for immediate delivery, silver fell 0.8 percent to $11.91 an ounce, platinum lost 0.9 percent to $948.25 an ounce, and palladium fell 0.5 percent to $189.50 an ounce towards late morning trade in Singapore.

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