Wednesday, November 28th 10:27 AM IST

Spot Gold steadies in Asian trade

# gold  # comex  # nymex  # debt crisis  

Gold for immediate delivery was seen trading at $1741.33 an ounce at 12.00 noon Singapore time while USD gold was seen at $1741.50 an ounce.

SINGAPORE(BullionStreet): Spot gold remained steady while Us gold dropped in Asian trade Wednesday as the dollar regained strength.

Gold for immediate delivery was seen trading at $1741.33 an ounce at 12.00 noon Singapore time while USD gold was seen at $1741.50 an ounce.

Analysts said the investors now turned their attention to US fiscal cliff and await for decisions out of negotiations to avert a looming fiscal disaster in the world's largest economy.

However they said gold's appeal as a refuge from uncertain economic conditions remained intact as the threat of the US economy slipping off the fiscal cliff is likely to keep gold prices supported.

Meanwhile, the holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to a record high.

On Tuesday, gold futures fell , extending their losses to a second-straight session, as some upbeat U.S. economic data, as well as a debt deal in Greece helped dull the precious metal's safe-haven appeal.

Gold for December delivery fell $7.30, or 0.4%, to settle at $1,742.30 an ounce on the Comex division of the New York Mercantile Exchange. December silver settled at $33.98 an ounce, down 16 cents, or 0.5%

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