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Monday, February 14, 2011

Gold extends gains on China data

Gold extends gains on China data ; Gold prices joined oil prices on the way up in Asian trade Tuesday on spreading Middle East crisis and also on China’s weaker-than-expected inflation data.

Gold for immediate delivery was seen trading at $1364.84 an ounce at 1.30 p.m Singapore time while U.S. gold futures for April delivery was at $1,365.53 an ounce.

However, analysts said trading in the physical market remained thin, as players stayed on the sidelines waiting for a clear direction as prices have been trapped in a narrow range in the past few sessions.

China on Monday released a lower than expected inflation data at 4.9 percent in the year to January, but price pressures continued to build and will force the central bank to stick to its course of monetary tightening.

Meanwhile, holdings in the SPDR Gold Trust the world's largest gold-backed exchange-traded fund, remained unchanged at 1,225.526 metric tones

Silver for March delivery in New York was little changed at $29.36 an ounce. Palladium for March delivery lost 0.2 percent to $817.75 an ounce, after climbing to $834.50 on Feb. 4, the highest price since March 2001.

Platinum for April delivery was 0.2 percent lower at $1,840 an ounce. It reached $1,863.40 on Feb. 4, the highest level since July 2008.

On Monday, gold futures on the COMEX Division of the New York Mercantile Exchange closed higher on Monday, buoyed up by concerns over Chinese inflation.

The most active gold contract for February delivery gained $4.7 per ounce, or 0.35 percent, to settle at $1,365.1 an ounce. For the latest updates PRESS CTR + D or visit Stock Market news Today

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