SINGAPORE (Commodity Online) : Gold remained higher in Asian trade Tuesday, on global economic concerns, despite losing some of its gains in early trade.

Gold for immediate delivery was seen trading at $1225.18 an ounce at 12 noon Singapore time while U.S. gold futures for December delivery was at $1,226.7 an ounce on the comex division of Nymex.

Analysts said the precious yellow metal took advantage of weak economic growth around the world that might lead to deflation.

The greenback headed toward a 15-year low against the yen on Tuesday and Japanese shares slid on the weak U.S. data.

Other Asian stock markets were slightly firmer although analysts said there was little reason for them to rise much higher given the weak sentiment.

On Monday, US gold futures rose to a 45 day high as data showing slow economic growth in Japan prompted safe-haven buying by investors worried about the global economy.

December gold rose $9.60 to settle at $1,226.20 per ounce on the Comex division of the NY Mercantile Exchange.

Silver and platinum group metals, whose prices usually reflect economic sentiment because of their industrial uses, rose with gold as the dollar fell sharply.

September silver rose 31.8 cents to settle at $18.427 per ounce, while September copper rose 2.75 cents to $3.2795 per pound.

October platinum rose $11.10 to $1,537.30 per ounce, and September palladium rose $8.50 to $485.75 per ounce

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook