Gold eases after overnight rally

March 06, 2009

Commodity Online
SINGAPORE : Gold prices eased in early Asian trade Friday, after advanced more than two percent overnight, despite falling stocks across Asia.

Spot gold was at $930.65 an ounce at 10.00 a.m Singapore time, down 0.1 percent from its notional close on Thursday.

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Holdings at the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, remained unchanged at a record 1029.29 tones as of March 5.

Oil fell nearly 4% to below $44 a barrel on Thursday as the deteriorating economic outlook heightened expectations that fuel consumption would shrink further.

The dollar rose against most currencies on Thursday as traders sought a safe haven.

The European Central Bank and the Bank of England cut interest rates to record lows on Thursday to battle the global recession.

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