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Gold edged lower as the dollar rose against the major currencies and as oil prices weakened.
But the metal stayed close to its recent highs amid strong physical demand in Asia and as increased tensions between the US and Iran sparked safe haven buying.
At 11.17 am, spot gold was quoted at 663.70 usd an ounce, down from a
seven-month high of 668.60 usd seen in New York trades on Friday.
"Oil (prices) are lower and the dollar is stronger," said Standard Bank
analyst Richard England, commenting on the slightly lower price of gold.
Crude oil briefly topped 60 usd on Friday -- lifting the price of gold to
new highs as market players focused on oil-led inflationary concerns.
However, gold has since retreated slightly as oil distanced itself from the 60 usd level
this morning.
The dollar's recent strength following the G7 meeting over the weekend also pressured gold, limiting its appeal as an alternative asset to the US currency.
But, the dollar's reaction to US economic data is likely to be a feature in
the week ahead, while further oil price gains will add inflationary support,
said TheBullionDesk.com analyst James Moore.
He added: "Geopolitical concerns are also adding background support after
the Bush administration accused Iran of supplying weapons to Shia Militia in
Iraq," added Moore.
Separatoldy, strong demand from China ahead of the Lunar year and buying
interest from India are also propping up prices.
In other precious metals, silver was down at 13.78 usd an ounce against
13.87 usd in late New York trades, while palladium was down at 333.00 usd
against 339.50 usd.
Platinum fell to 1,189.00 usd an ounce, after hitting a two and a half-month
high of 1,203 usd in Friday trades. |
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發表於 2007-2-12 21:34:07
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