Gold eases near $925 in Asian trade

March 16, 2009

Commodity Online
SINGAPORE : Gold prices eased down in Asian trade Monday despite dollar’s weakness against some major currencies of the region.

The bullion was trading at $925.80 an ounce at 11.00 a.m Singapore time, down 0.2% from New York's notional close on Friday.

Gold is down 1.3% compared with a week earlier and eight percent from an eleven month high of $ 1000 achieved last month.
However continued surge in holdings for the world's largest gold-backed exchange-traded fund to a new record high provided support, highlighting continued investor interest in gold.

The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings hit a record 1056.82 tones on March 15, up 15.29 tones, or 1.5%, from the previous day.

The market looking ahead to a Federal Reserve policy meeting this week after a Group of 20 finance ministers' meeting at the weekend gave the market few trading incentives.

A stronger dollar typically weighs on gold, which is often bought as a currency hedge, although the relationship has weakened in recent sessions as both have benefited from safe-haven buying because of the financial crisis.

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