Gold prices steadied near two-week highs this morning after rallying on a rise in the euro the day before, with worries about fiscal problems bolstering bullion's allure as a safe haven.
Spot gold quoting almost flat at $1,117.60 an ounce, compared with New York 's notional close of $1,118.95. Spot gold rallied to two-week highs on Tuesday as the euro recovered from recent hefty losses against the dollar and investors snapped up gold to hedge against debt default risks in Europe.
US gold futures for April delivery was trading flat at $1,119.90 an ounce, compared with $1,119.80 an ounce on the COMEX division of the New York Mercantile Exchange.
Futures ended up $29.80 on Tuesday at their highest settlement level since January 19.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings rose 3.05 tonnes from the previous business day to 1,109.42 tonnes as of February 16. It was the first increase in holdings since Feb. 5.
Source BloombergUTV
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