Gold loses ground on Asia

Gold extended losses to trade below $900 an ounce on Thursday, after registering its biggest daily percentage drop in more than two weeks the previous day, as stock markets rallied and the US Fed calmed inflation fears. Bullion was below a three-month high of $915.30 hit on January 26.
It has bounced around 10 percent since falling to a one-month low around $801 hit two weeks ago as investors sought safe-haven assets amid turmoil in the financial markets. India's gold imports plunged more than 90 percent to just 1.2 tonnes in January 2009, from 18tonnes at the same month last year, due to high prices and amplestocks, the Bombay Bullion Association said.