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10.08.2009 Business & Finance

Gold inches down

By Our Reporter -
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Gold inched down yesterday after hitting a two-month high the previous day, with investors pondering whether to push prices up if the dollar weakens further as they become more wary of high price levels.

Spot gold was down 0.3 per cent at $963.85 per ounce, compared to New York’s notional close of $966.75 per ounce.

Spot gold rose to a two-month high of $970.05 on Tuesday.

U.S. gold futures for December delivery GCZ9 fell 0.3 per cent to $966.5 per ounce, compared with $969.70 an ounce on the COMEX division of the New York Mercantile Exchange.

Traders said while momentum may be building for gold to test high near $1,000 reached in early June, caution was warranted over any slowing up in gains in stocks and commodities.

Investor demand for gold-backed exchange-traded funds remained weak, with holdings of the world’s largest such fund, the SPDR Gold Trust GLD, steady at 1,072.87 tonnes as of August 4.

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