Gold edged down on Thursday after rising in New York on safe-haven buying amid a global financial crisis, with record holdings on the world's largest gold-backed ETF supporting sentiment. Selling of scraps persisted in Asia, driven by gold's recent rise to above $930 as well as fears of falling demand for jewellery during the global economic downturn.
Jewellery accounts for nearly 70 percent of global demand. "Gold prices continue to hold around the $900 zone and the ongoing financial crisis is giving enough fodder to prevent a major slide," said Pradeep Unni of Richcomm Global Services in Dubai. Gold was trading at $903.80 an ounce, down $1.05 from New York's notional close, but was within sight of a near four-month high of $930.40 an ounce hit last Friday. Gold struck a record at $1,030.80 last March.