Gold holds firm on softer dollar
October 5, 2009
Tokyo - Gold stayed above $1 000 per ounce on Monday as the dollar remained pressured after last week's jobs data pushed the currency down broadly on concerns the US economic recovery may not be as robust as previously thought.
FUNDAMENTALS
* Gold inched up 0.1 percent to $1,002.35 per ounce as of 2333 GMT, after posting a weekly gain of 1 percent last week.
* The precious metal reclaimed the $1, 000-an-ounce level after a choppy session on Friday when the greenback fell in response to US employers cutting more jobs than expected in September, sending the unemployment rate to a 26-year high of 9.8 percent.
* US gold futures for December delivery eased 0.1 percent to $1,003.6 per ounce, compared to $1,004.30 an ounce on the COMEX division of the New York Mercantile Exchange. The December contract had hit a low $987 an ounce on Friday.
* The non-commercial net long position in gold futures on the COMEX division of the New York Mercantile Exchange eased to 231,386 lots for the week ended Sept. 29 from an all-time high of 236,749 lots the week before, figures from the Commodity Futures Trading Commission showed.
* The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,096.548 tonnes as of Oct. 4, up 0.1 percent or 1.221 tonnes from the previous business day.
* The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its bullion holdings nudged down 3.53 tonnes, or 0.04 percent, from the previous day to 8,594.22 tonnes on Friday, the lowest level since late May.
MARKET NEWS
* US stocks fell for the fourth straight day on Friday on the weak jobs data.
* The dollar remained pressured on Monday after falling against most major currencies on Friday.
* Finance ministers from the Group of Seven industrialised nations said at a meeting in Istanbul at the weekend that too much volatility in the forex market could hurt the global economy and financial system. - Reuters
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