Gold slides on profit booking

January 30, 2009

Commodity Online
SINGAPORE : Gold prices fell marginally in early Asian trade Friday as speculators booked profits after prices rallied more than 2 percent on Thursday.

Bullion was trading at $903.00 an ounce at 10.00 a.m Singapore time, down $3.75 from New York's notional close on Thursday, when it jumped more than 2 percent after US stocks tumbled on fears of a worsening recession.

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Gold was within sight of a three-month high of $915.30 hit on Monday.

However, buying interest from investors remained strong, with ETF holdings hitting another record.

Platinum dropped more than 1% on fears of falling demand after Ford reported a record loss, while silver rallied to its strongest in four months before slipping to track weaker gold.

The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said it held a record 843.59 tones of gold as of January 29, up 10.71 tones from January 27, reflecting flight-to-quality buying amid chaos in the financial sector.

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