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.

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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.