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Gold advances further after posting best 1-day gain since June

Last Updated: Friday, April 26, 2013 - 12:00

Zee Media Bureau

New Delhi: Gold prices continued to trade higher by USD 4.06 an ounce to USD 1,471.05 per ounce on Friday after posting its best single-day gain of up to 2.5 percent since June last year on Thursday.

US gold for June delivery settled up USD 38.30 at USD 1,462 an ounce on Thursday. During the session, spot gold hit a 10-day high of USD 1,468.60 an ounce.

Buying continued the day after billionaire investor John Paulson said he would maintain his bullish view on gold.

Sentiment also got a boosted after showed Russia's central bank and others bought gold in March.

Daily outflows from exchange-traded funds however, showed no sign of abating, suggesting that sagging investor confidence is unlikely to be restored any time soon after last week's sell-off.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.25 percent to 1,090.27 tonnes on Thursday from 1,092.98 tonnes on Wednesday to their lowest since late 2009.

With Agency Inputs

First Published: Friday, April 26, 2013 - 09:10
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