COM: Gold sticks to overnight gains as dollar eases
SINGAPORE (Commodity Online) : Gold prices remained near overnight record highs in Asian trade Friday as the dollar dropped further amid concerns over economic recovery.
Gold for immediate delivery was seen trading at $1275.72 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery was at $1,276.8 an ounce.
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The greenback fell against the euro ahead of the release of the German PPI data for August. The euro traded at 1.3140 against the dollar in early Asian trade.
Spot silver touched a two-and-a-half year high of $20.82 an ounce in early trade, and stood at $20.77, heading for a 5 per cent weekly gain.
On Thursday, gold prices were driven to a record high Thursday as worries returned about sluggish economic growth. Spot gold hit a new record of $1,277.7 an ounce.
Gold for December delivery added $5.10 to settle at $1,273.80 an ounce, which was a record high. The contract hit an intraday high of $1279.50, the loftiest point ever for a most-active contract.
Silver for December delivery rose 20 cents to settle at $20.771 an ounce.
December copper added 2.7 cents a pound to settle at $3.4935 a pound; October platinum rose $6.60 to $1,611.90 a pound while September palladium lost $10.20 to $546.95.
