Gold Holds Gains, Near Two-week High on Softer Equities
January 3, 2014 2:48 PM EST
Gold was trading near its two-week high on Friday, holding on to sharp gains from the previous session as weaker equities spurred demand for the metal seen as a safe-haven asset.
* Spot gold was unchanged at $1,224.65 an ounce by 0025 GMT. It climbed 1.6 percent on Thursday and hit a two-week peak of $1,230.65 as sharp losses in equities prompted funds to buy bullion on the first trading day of the new year.
* Silver was also trading near its highest in two weeks after gaining 3.5 percent in the previous session.
* China Gold International(CGG.TO), a mid-sized Canadian-based company with two mines in China, is eager to make an acquisition in Canada, but asset prices remain very high despite a bombed-out mining sector, a company official said.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 3.60 tonnes to 794.62 tonnes on Thursday.
* Asian markets were on the defensive on Friday after a sudden reversal in some very popular, and thus crowded, trades sparked a bout of global risk aversion.
Most Popular Slideshows
- Kate Middleton Suffocated in Kensington Palace, Queen Elizabeth Reported War With The Duchess [PHOTOS]
- Chris Martin Dating Reports: Jennifer Lawrence Vs Gwyneth Paltrow [PHOTOS]
- 2014 MTV Video Music Awards: Everything To Know [PHOTOS]
- British Style Icon Kate Middleton Fashion Talk With Camilla Parker-Bowles Daughter-In-Law [PHOTOS]
Join the Conversation
- Worldwide Appetite for Gold Slumps 16% in 2Q 2014 – WGC
- Gold in China: 127-Tonne Gold Reserves Tapped in Xinjiang
- Global Markets Overview – July 15, 2014
- Honduran Gold Mine Caves in; 8 Rescued, 3 Remain Trapped (PHOTOS)
- Chinese Govt Tightens Control on Gold to Curb Imports, Could Drop 400T from 2013 – Report
- James Foley Beheading Video Has Play-Acting Portions – Video Experts Say
- 4.7-Inch, 5.5-Inch iPhone 6 Models Confirmed with Similar Build, Cam Features & 300+ Screen Pixels on Release Date
- Apple iPhone 6 Release Date, iPhone 6C or 6L Anticipation: Three Things Should Matter To New Phone Shoppers
- Xiaomi Mi4 vs iPhone 6: Why Forecasts Favor Mi4 as The Next Best Phone Against iPhone 6
- James Foley: More Chilling Information Revealed By Escaped Journalists
- Companies Push Back IPO Plans Due to Mega Alibaba Share Launch
- Upcoming Sony Xperia Z3 With Dual-SIM Support Gets Approved In China; Full Specifications Revealed; Amber-Coloured Xperia Z3 Tipped