Monday, January 28th 10:41 AM IST

Gold steadies on brighter economic outlook

# gold  # comex  # nymex  # debt crisis  

Analysts said the precious yellow metal is still struggling to break the $1700 mark as a brighter global economic outlook dampened it's appeal a safe haven.

SINGAPORE(BullionStreet): Spot gold remained steadied in Asian trade Monday while US gold edged up as investors remained on the sidelines.

Gold for immediate delivery was seen trading at $1658.74 an ounce at 12.00 noon Singapore time while US gold for February delivery was seen at $1658.31 an ounce on the comex division of nymex.

Analysts said the precious yellow metal is still struggling to break the $1700 mark as a brighter global economic outlook dampened it's appeal a safe haven.

The yellow metal dropped to a two-week low of $1,655.39 last week and fall further to $1,647 during the day, they added.

Investors will closely watch the Federal Reserve's policy meeting this week as well as a string of data on employment, economic growth and consumption, to gauge the pace of recovery in the world's largest economy.

Meanwhile, physical buying ticked up in Asia, but was lackluster compared to the past few years when buying typically surged ahead of the Lunar New Year festival.

Gold settled lower on Friday, suffering a loss of 1.8% for the week.

February gold fell $13.30, or 0.8%, to settle at $1,656.60 an ounce on the Comex division of the New York Mercantile Exchange. March silver settled at $31.21 an ounce, down 52 cents, or 1.6%, to lose 2.3% for the week.

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