Gold steady near 1-week high
But weak stocks weigh
Reuters
First Posted 09:41:00 11/20/2008
Filed Under: Metals & Minerals, Soft Commodities, Gold & Precious Materials
SINGAPORE -- Gold was steady on Thursday, after having risen to its strongest in more than a week the previous session, but declines in equities were likely to cap gains.
Gold was trading at $734.20 an ounce, up $1.35 from New York's notional close on Wednesday, when it hit an intraday high of $762.30 an ounce due to early gains in oil.
Global demand for gold jumped 18 percent year-over-year to 1,133.4 tonnes in the third quarter, reversing a weaker trend earlier this year, because of strong buying by investors and a lower gold price -- World Gold Council.
Japan's Nikkei average fell over 3 percent on Thursday to slip below 8,000 for the first time in three weeks, battered by a stronger yen that hit exporters such as Canon Inc.
Investors cashed in on bullion to pay losses in equities.
Oil continued its fall on Thursday after settling at a 22-month low the previous day, with US inventories rising and economic concerns increasing worries about oil demand.
Platinum was trading at $805.50 an ounce, down $3.00 from New York's notional close.
New York gold futures fell $1.0 an ounce to $735.0.
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