SINGAPORE (Commodity Online) : Gold remained marginally lower in Asian trade Friday but likely to move up as the dollar eased against major currencies.
Gold for immediate delivery was seen trading at $ 1334.14 an ounce at 1.00 p.m Singapore time while silver was at $22.5550 an ounce.
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Analysts said the precious yellow metal is likely to advance during the day as the dollar retreated while investors are eyeing the all-important U.S. non-farm payrolls for September due later in the day, which were expected to be unchanged,
The dollar dropped 1.1 percent against a six-currency basket. It traded near the lowest level since 1995 against the yen on burgeoning speculation the Fed will debase its currency by stepping up purchases of government debt to support the economic recovery.
Silver was on track for its best weekly run in more than four years. Silver rose 0.2 percent to $22.5550 an ounce, up 2.1 percent this week.
The metal is also seen as a safe haven by investors and climbed to a 30-year high of $23.4875 Thursday. It is up for a seventh week, on track for the longest rally since May 2006.
Platinum fell 0.2 percent to $1,695.88 an ounce, after touching $1,728 yesterday, the highest price since May 14. Palladium lost 0.4 percent to $585.13 an ounce, after reaching $604 yesterday, the highest level since June 2001.
On Thursday, Gold futures on the Comex division of the Nymex dropped after touching the all-time high of 1,366 dollars per ounce, as investors feared that the market was somewhat overbought. Silver also declined a little from its 30-year record.
The most active gold contract for December delivery shed $12.7 , or one percent, to close at $1,335 per ounce. Gold has stricken all-time highs in nine of the last 11 trading sessions.
Central banks are expected to be net buyers of gold in 2011 for the first time in nearly 20 years, the World gold Council said on Thursday.
