Gold edges up in Asia after Dubai hiccups
Published on November 27, 2009 at 10:30
SINGAPORE (Commodity Online) : Gold remained highly volatile in Asian trade Friday with lot of ups and downs after dollar recovery and debt problems in Dubai.
The precious yellow metal though recovered from early declines as investors sought safer assets after Dubai’s attempt to reschedule debt shook confidence in higher yielding assets.
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Spot gold was seen trading at $1191.68 an ounce at 11.30 a.m Singapore time after fell to $1,188.04 an ounce earlier while February gold was at $1189.35 an ounce at the same time
Gold reached an all-time high $1,195.13 Thursday, is on course for a fourth weekly advance while February gold reached a record $1,196.80 yesterday, when floor trading was closed for the Thanksgiving holiday.
Gold has risen more than 37 percent this year, including a 13 percent rise in November alone on dollar weakness, expectations of further reserve diversification by central banks and fears of inflation next year.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings stood at 1,127.860 tonnes as of Nov. 25, unchanged due to a holiday on Thursday.
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