Gold edges up in Asia as euro climbs

By IBTimes Staff Reporter | April 30 2010 3:12 AM

SINGAPORE (Commodity Online) : Gold advanced further in Asian trade Friday after the euro gained on hopes of a quick Greek rescue package spurred investors to cover short positions.

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Gold for immediate delivery was seen trading at $ 1172.98 an ounce at 11.30 a.m Singapore time while gold futures for June delivery was at $1,173.40 an ounce at the COMEX division of the NYMEX.

The precious yellow metal rose over one percent in early trade on signs investors were ploughing more capital into bullion markets to hedge against economic turmoil in Europe, analysts said.

Meanwhile, the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust (GLD), said holdings hit a new record of 1,159.002 tones as of April 29, up 6.089 tones from the previous business day. Platinum gained $7 to $1,737 an ounce.

On Thursday, Gold for June delivery fell $3.00 to settle at $1,168.80 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for May delivery rose 44.2 cents to settle at $18.549 per fine ounce. Copper for May delivery settled down 3.5 cents at $3.3335 per pound.