Gold inches up in Asian trade

Gold prices inched up to hit a fresh seven-month high on Wednesday, as growing concern over the global economy redoubled investors' fervour for safe-haven assets. Global markets were roiled by a slew of grim reports showing a slumping Japanese economy and contracting US economic activity as well as fears that Eastern Europe's battered economies would drag down Western banks.
The market was largely steady, however, as many players took a break from the recent rally, traders said. Spot gold was trading at $970.10 an ounce, up $1.75 from the notional New York close, after rising as high as $973.50 an ounce to a fresh seven-month high. Gold rose as high as $973.20 an ounce on Tuesday. Gold futures for April delivery on COMEX rose $5.5 to $973.0 an ounce, after touching a new seven-month high of $975.4.