Gold hovers in Asia near $1530

12:41 AM

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SINGAPORE (Commodity Online) : Gold prices entered into higher territories Thursday on expected Fed move and a weak dollar, that kicked up demand.

Spot gold was seen trading at $1528.27 an ounce at 1.00 p.m Singapore time while US gold futures was seen at $1528.15 an ounce on the comex division of Nymex.

Earlier during the day, spot gold gained as much as 0.2 percent to $1,530.22 an ounce, while bullion for June delivery in New York rose as much as 0.9 percent to $1,530.80, an all-time high.

Analysts attributed gold’s surge to US Fed move that left its key interest rate at an historic low range of 0% to 0.25% and said its $600 billion bond-buying program would end as scheduled on June 30.

A weakening dollar also helloed gold as it boosted precious metals demand as a store of value.

The dollar fell beyond $1.48 per euro for the first time since December 2009 after the Fed’s pledge. The Dollar Index, which tracks its value against six counterparts, declined for an eighth day to the lowest level since July 2008.

Meanwhile silver also strengthened as cash silver climbed to $48.3562 an ounce, gaining for a second day and approaching the record $49.79 reached on April 25. Palladium climbed 0.3 percent to $770.25 an ounce, while platinum fell 0.2 percent to $1,822.75 an ounce.

On Wednesday, gold futures for June delivery rose $13.60, or 0.9 percent, to settle at $1,517.10 on the Comex in New York. After the close, the metal reached the all-time high. The price has gained 31 percent in the past year.

Gold for immediate delivery rose as much as 1.6 percent to a record $1,529.68. The price traded at $1,528.88 at 3:42 p.m.

Silver futures for July delivery rose 90.8 cents, or 2 percent, to settle at $45.987 an ounce on the Comex. In after- hours trading, the price rose as much as 7.1 percent. Two days ago, the metal, which has doubled in the past 12 months, reached a 31-year high of $49.845.

Palladium futures for June delivery climbed $2.40, or 0.3 percent, to $758.10 an ounce on the New York Mercantile Exchange. The price has advanced 38 percent in the past 12 months.

Platinum futures for July delivery gained $13.80, or 0.8 percent, to $1,819.20 an ounce. The metal has gained 5.7 percent in the past year.