Gold eases as dollar, equities gain
Gold for immediate delivery was seen trading at $1390.77 an ounce at 12.00 Singapore time while US gold was seen at $1389.64 an ounce.
Gold dropped in Asian trade as equities and the dollar gained, denting gold's appeal as a safe haven asset.
Gold for immediate delivery was seen trading at $1390.77 an ounce at 12.00 Singapore time while US gold was seen at $1389.64 an ounce.
Analysts said the demand for the yellow metal continued to hold prices near $1,400 an ounce as the recent drops in the spot market lured buyers to invest in bullion.
Bullion is being sold at high premiums compared to spot prices as there is not enough supply in the market to meet the strong demand.
Gold prices remain near a two-year low of $1,321.35 hit in mid-April as investors flock to higher-yielding stocks.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, are at their lowest since mid-February 2009, falling 0.24 percent to 1,016.16 tonnes on Friday.
The fund held 1,350.50 tonnes of gold at the beginning of 2013.
Sumber : Google
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