Gold Steady Before Chinese Holidays

Source: Reutersáá(2/12/10)

". . .investors watching currencies for direction"


Gold prices steadied near $1,095 on Friday as trading remained subdued ahead of China's New Year holidays, with investors watching currencies for direction.

Spot gold eased 0.1% to $1,094.45 an ounce, compared with New York's notional close of $1,095.85.

On Thursday, spot gold rose to a session high of $1,097.75 an ounce, the highest since Feb. 4, as investors turned to the metal as a hedge against currency volatility after news that European governments agreed in principle to support heavily indebted Greece.

U.S. gold futures for April delivery were little changed at $1,095.20 an ounce, compared with $1,094.70 an ounce on the COMEX division of the NYMEX.

Japanese markets were closed on Thursday for a national holiday. U.S. markets will be shut on Monday for Presidents Day.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings stood at 1,106.378 tons as of Feb. 11, unchanged from the previous business day.

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