Gold price holds near 10-week high as equities fall further

Jan 27 2014, 20:12 IST
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Gold prices held firm after hitting highs overnight on weakness in global stocks, but gains were limited as traders took to the sidelines. Reuters Gold prices held firm after hitting highs overnight on weakness in global stocks, but gains were limited as traders took to the sidelines. Reuters
SummaryGold price held firm after hitting ten-week highs overnight on weakness in global stocks.

lower than Friday's. Premiums for 99.99 percent purity gold on the Shanghai Gold Exchange steadied at about $10 to London prices, after falling earlier to $7.

"With the imminent Chinese New Year holiday beginning, demand will likely waver later in the week," bullion dealer MKS said in a note on Monday.

More positively for gold, India's finance ministry said it will review its tight curbs on gold imports by the end of March.

India used to be the world's biggest buyer of bullion until last year when a swollen current account deficit prompted the government to slap a record 10 percent duty on imports and the central bank to tie imports to exports.

On Friday data from the Commodity Futures Trading Commission showed that speculators boosted their length in gold in the week to Jan. 21, though they slashed their net long positions in silver.

Silver was up 0.5 percent at $19.95 an ounce. Among other precious metals, spot platinum was down 0.5 percent at $1,416.25 an ounce, while spot palladium was down 0.6 percent at $727.22 an ounce.

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