GOLD EXTENDS ITS GAINS RISING ABOVE $940 LEVEL

Updated: 06/30/2009 20:14
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Tuesday morning gold surged above $940 an ounce, supported by a retreat in the US dollar as stock markets extended gains at the end of the first half of this year. Dollar’s weakness bolsters precious metal when investors consider gold as hedge against the falling value of their dollar-denominated portfolios.

Spot gold was at $942.60 per ounce at 5:53 GMT (1:53 a.m. EDT) on Tuesday, that is 0.6% up from New York's notional close of $937.05.

US gold futures for August delivery rose to $943.2 per ounce, up 0.3% from the previous settlement on the COMEX division of the New York Mercantile Exchange.

Bullion was on track to lose almost 4% this month, but was poised to rise about 7% for the first half of the year as a fall in US Treasuries prices has increased the appeal of the precious metal.

The SPDR Gold Trust reported its holdings to remain at 1,125.74 tonnes as of June 29, unchanged since June 25, that reflected gold's limited upside potential curbing investor appetite. The holdings were trading down 0.7% from a record high marked in early June.

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