SINGAPORE (Commodity Online) : Gold eased in Asian trade Thursday after hitting an all time high near $1098 an ounce overnight in New York.

However, dollars recovery against major currencies Thursday weakened the yellow metal as spot gold was seen trading at $1088.47 an ounce at 12.00 noon Singapore time, down 0.4 percent from New York's notional close of $1,092.35.

Trading platform that even a 5 year old can trade. Join now

Analysts said the yellow metal remained highly volatile as US Fed decision to keep rates might weaken the dollar later during the day.

U.S. gold futures for December delivery were at $1,089.20 an ounce, up 0.2 percent at the same time. Futures hit a record $1,098.50 on Wednesday.

The precious metal remained within striking distance of the $1,100 level. India’s purchase of 200 tones of Gold from the IMF has also provided gold with upward momentum to rise back towards $1,100.

The IMF's transaction represents about half of a long-planned bullion sale, which now has the gold industry wondering who will be buying the remainder that is due to be sold.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings stood at 1,108.399 tones as of Nov. 4, unchanged from the previous business day.

The world's largest silver-backed exchange-traded fund, the iShares Silver Trust said its bullion holdings stood at 8,740.15 tones as of Nov. 4, down 3.85 tones or 0.04 percent from the previous business day.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook