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.