Gold improves on demand from Middle East
Gold is attracting buyers as the dollar pared gains against the yen and euro, traders said.
By PTI |
SINGAPORE: Gold prices recovered in Asia on demand from Middle Eastern and Asian jewelers who judged the metal was cheap enough to buy, and wiped off part of the early losses.
Gold for immediate delivery rose 0.70 cents, or 0.1 per cent, to 631.15 dollar an ounce. Earlier it had edged down to 628.75 dollar. In futures for February 2007 delivery, it rose 0.70 cents to 635.50 dollar.
Gold consumption in India, the world's biggest buyer, typically rises during the country's wedding season, which starts in late September and ends in December.
Gold is attracting buyers as the dollar pared gains against the yen and euro, traders said.
The dollar's two-day advance against the yen halted on speculation U.S. Treasury Secretary would push China to adopt policies that might weaken the U.S. currency across Asia.
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