Tuesday, February 19th 11:02 AM IST

Gold edges up near $1615 in Asia

# gold  # comex  # nymex  # debt crisis  

Gold for immediate delivery was seen trading at $1614.58 an ounce at 12.00 noon Singapore time while US gold was seen at $1614.09 an ounce on the comex division of nymex.

SINGAPORE(BullionStreet): Gold advanced in Asian trade Tuesday as strong physical helped it move away from further from lows reached at the end of last week.

Gold for immediate delivery was seen trading at $1614.58 an ounce at 12.00 noon Singapore time while US gold was seen at $1614.09 an ounce on the comex division of nymex.

In other precious metals, silver for delivery in March rose 21 cents to $30.06 an ounce. Palladium for March delivery jumped $10.10 to $763.25 an ounce, while April platinum rose $16.90 to $1694.60 an ounce.

Analysts however said lack of interest from Western investors and a firm dollar kept a lid on gains.

Last week, gold dropped by a steep 3 percent ,biggest such drop in nine months -- and Chinese traders rushed to pick up bargains when they resumed business this week, sending volumes on Shanghai Gold Exchange to record highs on Monday.

Speculators cut their net long positions in U.S. gold to 70,250 contracts in the week to Feb. 12, the lowest level since December 2008, down more than 30 percent from the end of 2012, data from the U.S. Commodity Futures Trading Commission shows.

How about a fully featured Android App for your business?
  • Krizda

    Kirzda.com launched in 2013 is a one stop…

  • Brequet

     Brequet was set up by the visiionary…

  • Jewelsouk

    Jewelsouk.in is an online jewellery &…

  • Maddaloni Jewelers

    Maddaloni Jewelers which began as a young…

Most Popular

Bullion Street Newsletter