SINGAPORE (Commodity Online) : Gold prices remained near $1047 an ounce in Asian trade Friday but likely to advance as the dollar eased against major currencies.
Spot gold was seen trading at $1,046.67 per ounce compared to New York's notional close of $1,044.95 an ounce.
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U.S. gold futures for December delivery were little changed at $1,047.20, compared to $1,047.10 an ounce on the COMEX division of NYMEX.
December gold futures on Thursday closed $16.60 an ounce, or 1.6%, higher at $1,047.10 an ounce, breaking five straight days of losses.
The dollar is set for a fourth monthly drop against the euro, its longest since 2004, as the U.S.’s return to growth renewed optimism a global recovery will quicken, buoying higher- yielding assets.
Asian stocks rose after the U.S. economy expanded 3.5 percent in the third quarter and Japan reported an unexpected drop in September’s jobless rate.
The precious metal, which touched an all-time high of $1,070.80 on Oct. 14, increased 3.8 percent this month, taking this year’s gain to 19 percent.
Meanwhile, holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, fell 1.22 metric tons to 1,104.43 tons as of Oct. 28.
Among other precious metals, silver decreased 0.4 percent to $16.625 an ounce, platinum fell 0.2 percent to $1,332.25 an ounce and palladium was up 0.2 percent to $329 an ounce.
