Gold inches down
November 19, 2009
Tokyo - Gold edged down on Thursday, taking a breather after topping $1,150 per ounce the previous day to a new record on further weakness in the dollar and inflation fears fuelled by stronger-than-expected US consumer prices.
FUNDAMENTALS
Spot gold was at $1,142.50 per ounce at 0017 GMT, down 0.2 percent from New York's notional close of $1,144.70. On Wednesday it reached an all-time high of $1,152.75.
US gold futures for December delivery were steady at $1,142.70 an ounce after closing on Wednesday at $1,141.20, up $1.80. The contract hit a record high of $1,153.40 on Wednesday.
Gold's strength lifted other precious metals on Wednesday, with spot silver hitting a 16-month high of $18.83 an ounce, spot platinum reaching $1,463.50, its highest since September 2008, and spot palladium reaching a 15-month high of $376.
* Underlining Wednesday's rally, holdings by the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose on Wednesday for the first time since November 3.
* SPDR Gold said its holdings rose by 3.66 tonnes or 0.3 percent from the previous business day to 1,117.493 tonnes on Wednesday.
* The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its bullion holdings rose to a record 9,021.31 tons on Wednesday, up 67.23 tons or 0.75 percent from the previous business day. - Reuters
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