Asia Market: Oil Still Gain, Gold Stays Lower.


Gold steadied at Asia Market today (10/03) as some investors continued to tajke profit of high prices by selling holdings.


Spot gold was trade at $1428.57 an ounce intraday at Singapore time while April-delivery contract on the comex in Nymex was little changed at $1,428.90 an ounce.

Analysts however said the precious yellow metal is likely to come back during the day as violence in the MENA region continued to support its safe haven appeal.

They added that traders remain focused on mounting unrest in the region and also on renewed concerns about euro zone debts.

Gold rallied 30 percent last year as investors bought the metal to protect their wealth against the prospect of inflation and currency debasement. The metal climbed to an all-time high of $1,444.95 on March 7.

Cash silver dropped 0.2 percent to $36.0625 an ounce. The metal climbed to $36.7525 on March 7, the highest level since 1980.

Meanwhile holdings in the world’s largest silver exchange-traded fund struck a record high, reflecting greater interest in the relatively cheaper precious metal.

Palladium for immediate delivery lost 0.2 percent to $780 an ounce and platinum shed 0.2 percent to $1,798.35 an ounce.

On Wednesday, gold for April delivery closed up $2.40 at $1,429.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,436.80 and as low as $1,423.20.

Silver prices settled 39 cents higher at $36.04, marking a 31-year high.(COMON/HQM)

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