Commodity Online
SINGAPORE : Gold prices rose in Asian trade Friday mainly on weakened equity markets that increased demand for the precious metal as an alternative investment.

Gold for immediate delivery was seen trading at $932.83 an ounce at 10.00 a.m Singapore time while gold for August delivery increased 0.2 percent to $933.10 on the New York Mercantile Exchange’s Comex unit.

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On Thursday, Gold for August delivery fell $10.30 to settle at $931 an ounce on the New York Mercantile Exchange.

Analysts said, gold may advance next week as investors raise their allocations of the precious metal for the third quarter.

However, Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, was unchanged at 1,120.55 metric tons as of Friday.

Silver for immediate delivery rose 0.2 percent to $13.42 an ounce after tumbling 2.6 percent yesterday. Silver has outpaced gold this year, with an ounce of gold now buying about 69.58 ounces of silver

Among other precious metals for immediate delivery, platinum was little changed at $1,185 an ounce and palladium gained 0.5 percent to $253.25 an ounce as of 10.00 a.m. Singapore time.