Last Updated :
06 February 2009 at 10:40 IST
Gold slides on profit taking
Commodity Online
SINGAPORE :
Gold prices eased in Asia mainly on profit taking by speculators despite record high exchange-traded fund holdings underlined strong investor interest amid continuing turmoil in the financial sector.
Gold was trading at $910.40 an ounce, down $3.35 from New York's notional close on Thursday, when it hit a session high of $924 an ounce.
Sitting in India, trade in markets across the globe. Click here to join
The world's largest gold-backed exchange-traded fund, the SPDR
Gold Trust, said holdings rose 7.7 tones to another record of 867.19 tones on Feb. 5.
Gold has rebounded more than 30% since tumbling to a 13-month low of $680.80 in late October, driven by a recovery in oil prices and steady investment demand, but profit-taking capped gains and purchases from the jewellery sector also slowed.
Gold imports by India, the world's main consumer, plunged more than 90% to just 1.2 tones in January 2009, from 18 tones in the same month last year, due to high prices and ample stocks, the Bombay Bullion Association said.
MCX LEADMINI 30 March 2012
contract was trading at
Rs 106.15 , up Rs. 0.05 . What's your view on it?
After reading this article, people also read:
