Gold rally continues as spot gold hits fresh record

Gold continued to scale new highs as markets opened Monday with spot gold hit a new record of $1879.05 an ounce in early Asian trade. Gold for immediate delivery was seen trading at $1870.04 an ounce at 12.00 noon Singapore time while US gold for U.S. gold for December delivery was seen at $1,872.80 on the comex division of Nymex. Analysts said investors are still worried over global economic outlook and trust gold as a safe haven asset, driving its prices up. Gold is up 16 percent in August, heading for its best monthly performance since September 1999. However, Exchange-traded product holdings fell for the first time in five days on Aug. 19 to 2,211.095 metric tons after reaching a record 2,216.756 tons on Aug. 8. Analysts added that investors are now looking forward to the outcome of this week’s meeting of global central bank heads meet for more clues on the economic scenario. Meanwhile, Silver prices also climbed to the highest in more than three months as spot silver gaining as much as 2.5 percent to $43.975 an ounce. December-delivery silver surged 3.6 percent to $44.01, Platinum too climbed to the highest level in more than three years as cash Platinum advanced as much as 0.9 percent to $1,891.50 an ounce. On Friday, Gold for immediate delivery climbed as much as 1.4 percent to close $1847.91 an ounce while US gold December delivery settled up $30.20 at $1,852.20 an ounce.