SINGAPORE (Commodity Online) : Gold prices edged up in Asian trade Thursday after US president obama announced new plans to revive world’s largest economy.
Gold for immediate delivery was seen trading at $1087.71 an ounce at 11.30 a.m Singapore time, compared to New York's notional close of $1,087.25 an ounce.
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U.S. gold futures for February delivery rose 0.3 percent to $1,088.20 per ounce at the same time compared to $1,087.90 at the close on the COMEX division of the New York Mercantile Exchange.
Global economic crisis from late 2008 boosted gold, which investors bought as a safe-haven asset.
Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings stood at 1,111.922 tones as of Jan. 27, unchanged from the previous business day.
On Wednesday, gold fell in New York for the first time in three sessions as a rally by the dollar curbed the metal’s appeal as an alternative asset and some investors sold bullion to cover losses in equity markets.
Gold futures for April delivery dropped $13.80, or 1.3 per cent, to $1085.70 an ounce on the Comex division of the New York Mercantile Exchange.
However, the precious yellow metal gained for a ninth year in 2009 as the Federal Reserve maintained interest rates near zero percent to revive growth, driving the dollar lower.
