Last Updated : 27 June 2011 at 11:35 IST
Gold edges up on physical buying
Gold prices recovered in Asian trade Monday despite a strong dollar as buying intensified in physical markets across the continent.
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SINGAPORE (Commodity Online) : Gold prices recovered in Asian trade Monday despite a strong dollar as buying intensified in physical markets across the continent.
Spot gold was seen trading at $1504.51 an ounce while gold for August delivery was seen trading at $1,504.44 an ounce on the Comex division of the New York Mercantile Exchange at 1.15 pm Singapore time.
Analysts however said the yellow metal, is likely to remain steady during much of Monday’s trade in Europe and as a stronger dollar weighed along with caution as investors awaited a Greek parliament vote this week that is crucial to securing a sovereign debt bailout.
The dollar gained 0.3 percent against a basket of six major currencies, after rising for three straight weeks, eroding the allure of gold as an alternative investment.
Meanwhile, silver diverged, with the July contract falling 55 cents, or 1.6%, to $34.09 an ounce. Immediate-delivery silver dropped 0.5 percent to $34.1200 an ounce after plunging 4.4 percent last week, the fourth straight loss
Gold was sold off along with other commodities late last week, after the International Energy Agency said it would release more crude-oil supplies in the market to offset lost Libyan production.
Gold has gained 5.6 percent this year. The price reached a record $1,577.57 on May 2 as Greece’s debt crisis and record-low U.S. borrowing costs boosted demand for an alternative to currencies.
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