Gold prices mixed in Asian trade
Published on: November 02, 2009 at 10:20
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Spot gold was seen trading at $1043.68 an ounce in Asian trade compared with Friday’s close of $1044.40 an ounce while December delivery was at $1044.45 an ounce as against Friday’s close of $1040.40 an ounce.
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Gold, normally moves inversely to the dollar, fell 1 percent last week as the U.S. currency rallied from a 14- month low against the euro. Gold topped a record $1,070.80 an ounce on Oct. 14.
Bullion fell about 1 per cent last week, marking its first weekly loss since the week of September 25, following four consecutive weeks of gains.
On Friday, December silver dropped 40 cents to $16.255 an ounce. December copper futures fell 7.4 cents to $2.9555 a pound.
According to data’s from US Commodity Futures Trading Commission, the number of noncommercial net long positions in US gold futures fell to 241,777 lots in the week ended October 27 from 250,107 lots.
Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell 0.915 tones on Friday, making the total weekly decline to 4.575 tones.
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