Last Updated :
29 July 2010 at 11:30 IST
Gold gains momentum on weak dollar
SINGAPORE (Commodity Online) : Gold prices gained momentum in Asian trade Thursday mainly on a weak dollar against other major currencies.
Gold for immediate delivery was seen trading at $ 1165.41 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,164.9 an ounce on the Comex division of the NY Mercantile Exchange.
However, holdings in the world's largest gold-backed ETF dropped to their weakest since early June.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell to 1,282.279 tones by July 28 from 1,300.829 on July 27, their lowest since early June. The holdings hit a record at 1,320.436 tones on June 29.
the greenback slipped towards three-month lows against a basket of currencies on Thursday as investors cut their positions due to fresh evidence of a patchy recovery in the U.S.
On Wednesday, August gold added $2.50 to settle at $1,160.40 per fine ounce on the Comex division of the New York Mercantile Exchange. Bullion hovered below the 50-day and 100-day moving averages.
September silver fell 18.5 cents to settle at $17.441 per ounce.Copper for September delivery settled 3.95 cents higher at $3.2455 per pound.
NCDEX SOYBEANINDOREJUN12 20 June 2012
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