Commodity Online
SINGAPORE : Bullion prices gained further in early Asian trade Wednesday mainly on dollar’s weakness and inflation worries.
Gold for immediate delivery gained 0.4 percent to $958.70 an ounce at 10.00 a.m. in Singapore while spot gold rose to $957.35 per ounce at the same time.
Trade commodities or equities from across the globe. Join Now
On Tuesday, gold prices settled at $953.75 on New York's notional close. The bullion last traded at more than $1,000 an ounce on Feb. 20 and reached a record $1,032.70 on March 17, last year.
The greenback remained under pressure on Wednesday as traders awaited the release of the Fed's Beige Book on regional economic conditions and an auction of 10-year U.S. Treasury notes later in the day. The auction will be a key gauge of investor appetite for U.S. debt.
The dollar traded at $1.4068 against the euro in early Asian trade Wednesday from $1.4065 Monday in New York.
Gold is often bought as a hedge against dollar weakness as dollar-priced commodities become cheaper for holders of other currencies when the U.S. currency loses value.
Gold futures rebounded on Tuesday on a weaker dollar and a rally in crude oil as signs of economic recovery should further attract inflation-hedge buying.
Meanwhile, holdings at the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, were unchanged at 1,132.15 tones as of June 9.
