Gold moves up on geo-political tensions

31/01/2011 00:00 AST

Gold took advantage of political unrests in Egypt, that boosted safe haven demand, as the bullion is inching towards $1343 mark in Asian trade Monday.

Spot gold was seen trading at $1342.74 an ounce at 1.30 p.m Singapore time after dropped to as low as $1,308 on Friday, its weakest since early October 2010.

However, US gold futures for February was steady at $1341.4 an ounce, having ended up nearly 2 per cent on Friday. Bullion for April delivery in New York increased 0.1 percent to $1,343.

Analysts said the precious yellow metal could break the $1343 mark during the day as investors aree already started safe haven buying on fears the unrest in Egypt will spread across the Middle East.

They said the tensions are likely to offset pressures from drops in ETF holdings to an eight-month low and selling in the physical side.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings slipped to 1,224.118 tons by Jan. 28, its lowest since May of last year.

Meanwhile Silver was at a one-week high, tracking gold which notched up its biggest gain in eight weeks on Friday.


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