Gold remains steady in Asian trade

March 17, 2009

Commodity Online
SINGAPORE : Gold remained steady in early Asian trade Tuesday as the trading range is stuck between $910 and $940 as traders awaiting fresh clues to set the market's direction.

Spot gold was trading at $921.70 per ounce at 10.00 a.m Singapore time, little changed from New York's notional close of $922.55 on Monday.

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It earlier fell as low as $916, off a Monday low of $914.70 and 14% above a January trough of $801.65

But gold's underlying sentiment was firm as holdings at the world's largest gold-backed exchange-traded hit a fresh record.

The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings hit a record 1069.05 tones as of March 16, up 12.23 tones or 1.2% from the previous day.

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