Gold extends slide in Asia
Published on: February 04, 2009 at 10:25
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SINGAPORE : Gold prices continued to tumble in Asia mainly on fund selling.
Bullion was trading at $897.30 an ounce, down $3.10 from New York's notional close on Tuesday and more than 3% below last week's highs of $930.40.
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However analysts said, investment inflows could also provide strong underlying support, with holdings at the world's largest gold-backed exchange-traded fund at a record high above 800 tones.
Gold gained more than 30% since falling to a 13-month low around $680 in late October, but the rebound also ignited sales of scraps in Asia, which together with fund selling put pressure on prices.
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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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