SINGAPORE(BullionStreet): Gold remained on course to achieve the $1580 an ounce target in Asian trade Friday despite positive signs of U.S economic recovery.
Gold for immediate delivery was seen trading at $1577.41 an ounce at 12.00 noon Singapore time while US gold was seen at $1577.10 an ounce on the comex division of nymex.
Analysts said recent upbeat U.S. data boosted confidence in the economy and sapped safehaven demand for the precious metal.
Meanwhile, holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell 1.805 tonnes to a more than 16-month low of 1,243.05 tonnes on March 7, resuming a decline after pausing for one session.
Gold futures settled with a minor gain Thursday, with weakness in the dollar following the European Central Bank's policy decision lifting prices back above $1,575 an ounce.
Comments from the ECB's president, however, helped ease concerns over the euro zone, keeping a cap on gold's gains.
April gold settled at $1,575.10 an ounce on the Comex division of the New York Mercantile Exchange, up 20 cents.
No comments:
Post a Comment