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March 19, 2009 |
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Commodity Online
SINGAPORE : Gold prices fell in Asian trade Friday after investors began profit taking form earlier gains.
Spot gold was trading at $951.60 an ounce in Asian trade at 10.30 a.m, down from New York's notional close of $958.60.
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On Thursday, gold on the spot market rose to a peak of $961.50 an ounce, its highest since February 27.
As the US dollar heads for its biggest weekly fall in 24 years and holdings of the largest gold-backed exchange-traded fund hit a record, traders said the underlying sentiment remained strong as investors scramble for safe-haven assets.
Gold is down 5% since hitting an 11-month high above $1000 an ounce in February after investors booked profits and sales of scraps intensified as holders sold back jewellery and coins for cash. It struck a record of $1030.80 last March.
Bullion rose sharply on Thursday after the dollar fell following the US Federal Reserve's surprise announcement a day earlier that it intended to buy long-dated US Treasuries along with US mortgage and agency debt in a big way.
SPDR Gold Trust said its holdings rose to a record 1103.29 tones by March 19, up 18.96 tones, or 1.7%, from the previous day.
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