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Monday, September 27, 2010

Gold Ticks Up Near All Time High

Gold ticked higher on Monday, within sight of a fresh record high,but a slight decline in ETF holdings suggested some investors might want to book profits.

FUNDAMENTALS

* Spot gold XAU= added 75 cents to $1,296.35 an ounce by 0052 GMT after hitting a record at $1,299.95 on Friday as worries about the health of the global economy spurred buying from investors.

* U.S. gold futures for December delivery GCZ0 was hardly changed at $1,297.8 an ounce, having struck an all time high at $1,301.60 on Friday.

* Thinly-traded silver XAG= jumped to its highest in 30 years at $21.48 an ounce.

* The world's largest gold-backed exchange-traded fund, its holdings fell to 1,300.521 tonnes by Sept 24 from 1,301.433 tonnes on Sept 23.The holdings hit a record at 1,320.436 tonnes on June 29