SINGAPORE (Commodity Online) : Gold prices mixed in Asian trade Friday, from record high hit early Thursday, as the dollar weakened against major currencies.

Spot gold was at $1,105.90 per ounce at 11.00 a.m Singapore time, up 0.2 percent from New York's notional close of $1,103.60.



U.S. gold futures for December delivery were mostly unchanged at $1,106.5 per ounce.

On Thursday, December delivery fell $8, or 0.7 per cent, to settle at $1106.60 an ounce on the New York Mercantile Exchange’s Comex unit, after earlier touching an all-time high of $1123.40.

The U.S. dollar clung to gains in Asia on Friday after another sporadic bout of profit taking in riskier trades that has characterized the currency's eight-month bear trend.

Dollar Index, the six-currency basket, dropped 7.6 per cent in 2009 on record-low interest rates and ballooning government debt.

Gold often moves in line with crude, both because it can be used as a hedge against oil-led inflation and as rising crude prices often increase interest in commodities as an asset class.

U.S. crude futures remained below $77 per barrel on Friday, after tumbling nearly 3 percent the previous day as growing U.S. crude inventories stirred demand concerns.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , on the other hand, said its holdings stood at 1,114.443 tonnes as of Nov. 12, unchanged from the previous day.

South Africa, previously the world's top producer and now number three, said gold output fell 9.3 percent in volume terms in September compared to a year earlier.

There was a revival in interest in silver with holdings in the world's largest silver-backed exchange-traded fund hitting a record high.

The iShares Silver Trust rose 183.37 tonnes, or 2.1 percent, from the previous day to an all-time high of 8,923.52 tonnes as of Nov. 12.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook