Gold eases on profit taking
Published on: February 09, 2009 at 10:35
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SINGAPORE : Gold prices edged down in early Asian trade Monday as investors took profits from earlier gains ahead of a massive US economic stimulus package
The bullion fell $7.1 or 0.9% to $904.60 an ounce, off the $930.40 peak touched on Jan. 30, the highest since mid-October.
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Analysts said investors would be looking not only at the details of the final package but also at how Obama handles the situation as the United States responds to its worst financial crisis in 70 years.
World’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, which said its holdings as of Feb.8 remained at a record high 867.19 tones.
The speculative net long position in gold rose to 155,306 contracts during the week to Feb. 3 from 141,114 contracts during the week to Jan. 27, data released on Friday by the Commodity Futures Trading Commission showed.
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In India, gold is considered as one of the prestigious instruments of investment among the household consumers. Small household units are now becoming potential investors for gold from the key consumers. The demand for consumption purpose is no longer the main driver of demand for the yellow metal, but the systematic investments in retail gold investment options is the latest crush among the small investors in the country. 
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