Gold steadies in Asia

13 Jul, 2011

Spot gold held steady around $1,550 on Tuesday, as investors fled from risky assets on fears of a spreading eurozone debt crisis, but a stronger dollar and weak equities weighed on sentiment. Spot gold edged down 0.2 percent at $1,549.90 per ounce by 0556 GMT, off $1,556.59 hit in the previous session - its highest since June 22.
US gold inched up 0.1 percent to $1,550.70. Gold priced in sterling and euro both hit record highs. Gold has potential to reach for its all-time high of $1,575.59 hit on May 2, but rapid sell-off in equities and other commodities could spread to gold as investors sell bullion to cover losses elsewhere. Spot silver pared early gains to $35.71, barely changed from the previous session. It hit a one-month high of $36.89 in the previous session. US silver gained 0.2 percent to $35.79.

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