Gold prices eased as well as firm dollar dampened demand from investors, who were also cautious about trading ahead of key US jobs data due later in the day.
Spot gold eased 0.9% to $1,121.50 per ounce, compared to New York’s notional close of $1,131.40 per ounce.
Prices climbed 4% in the first three trading sessions of 2010 to a three-week high of $1,140.20, but struggled to extend gains as the greenback recovered.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell to 1,123.50 tonnes as of January 7, down 0.37 tonnes from the pervious business day.
Platinum and palladium hit multi-month highs, after confirmation that the first platinum- and palladium-backed exchange-traded funds (ETFs) will be launched on Friday.
On domestic commodity markets gold and silver futures continued to move lower. MCX Gold for February settlement opened the session at Rs 16,816 per 10 gram, which is also its intra-day high so far.
The counter was last quoting at Rs 16,732 per 10 grams. MCX Silver March settlement contract traded marginally lower at Rs 27,767 per kg, after having opened the session at Rs 27,920.
Source UTV
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