GOLD CREPT HIGHER HOWEVER STILL FLAT AROUND A 10DAY LOW

Updated: 08/11/2009 21:29
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Tuesday morning, bullion soared but flat around a 10-day low hit Monday day when the dollar's broad rise hurt sentiment, with investors awaiting the outcome of the Federal Reserve's meeting ending on Wednesday.

Spot gold gained 0.1% rising to $945.50 an ounce as of 3:00 GMT, compared to New York's notional close of $944.65 per ounce. Prices stayed in a narrow range but traders said the level at which physical demand emerges appears to have risen slightly, with buying interest seen around $940 to offer support.

Last week the precious metal recovered from a 2-month high above $970, when the US currency rallied on renewed hopes for an economy revival.

Market reaction was muted to a slew of Chinese data including industrial output, which was a tad below forecast, and trade, which was slightly better, as traders focused on what the Fed may say about the US economy and recovery outlooks.

US gold futures for December delivery also grew by 0.1% to $947.70 per ounce, compared to $946.90 an ounce on the COMEX division of the New York Mercantile Exchange. Gold futures fell to a 10-day low under $950 an ounce yesterday, losing more than 1% on technical selling and a resurgent dollar amid positive economic news.

As the market fell, the SPDR Gold Trust’s holdings slid for the second consequent day to 1,068.55 tons as of August 10, that is down 0.35 tons or 0.03% from the previous business day. Its holdings are now down almost 6% from a record 1,134.03 tons on June 1.

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