SINGAPORE (Commodity Online) : Gold advanced after overnight dip Friday, just ahead of Christmas holidays, mainly on lingering euro zone concerns.
Spot gold was seen trading at $138.91 at 1.00 p.m Singapore time while February-delivery contract fell 0.5 percent to close at $1,380.50 an ounce on the Comex in New York Thursday.
New York Futures markets closed Friday for the Christmas holiday.
Analysts said the yellow metal took advantage of speculation that European sovereign-debt crisis will continue spurs investors’ demand for a haven. Platinum and palladium increased.
They said the precious metal may set for the first weekly gains. Gold, which reached an all-time high of $1,431.25 an ounce on Dec. 7, has climbed 26 percent this year, the 10th annual advance, as investors sought protection from weaker currencies and the sovereign-debt crisis.
Silver for immediate delivery was little changed at $29.3050 an ounce. The price has gained 74 percent in 2010.
Cash palladium gained 0.2 percent to $754.25 an ounce, heading for a second weekly increase. The metal has surged 85 percent this year.
Platinum for immediate delivery rose 0.8 percent to $1,732.25 an ounce, set for a second weekly gain. The price has gained 18 percent this year.
On Thursday, gold futures fell for the second straight day on investor sales after this year's rally.
Gold futures for February delivery fell $6.90, or 0.5 per cent, to settle at $1380.50 on the Comex in New York, the biggest drop since December 16.
