September 2, 2009 - 2:51am
On Wednesday gold dropped below $955. Gold was at $954.10 an ounce at 0229 GMT, down 0.2 percent from the New York notional close of $955.85.
Kazuhiko Saito, chief analyst at Fujitomi Co Ltd, said some investors were concerned that the market could be headed for a major correction.
"Gold prices seem high despite fresh factors to buy the metal, and some investors are worried that prices could take a heavy fall at some point," Saito said.
The precious metal ended higher on Tuesday as a fall in stocks led investors to buy bullion, though analysts said not too much should be read into the day's activity due to thin volume.
U.S. gold futures for December delivery were at $955.70 an ounce, down 0.1 percent.
Koh said the $960s was the key near-term resistance area for gold.
Gold last touched $970 on August 6.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,061.83 tons as of September 1, unchanged since August 25 and down from a record high of 1,134.03 tons marked on June 1.
In other metals, platinum prices have been slow to react to the news of mine strikes in the South African, a fact analysts attribute to poor demand for the metal, used in auto catalysts and jewelry.
Precious metals prices at 0230 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 954.10 -1.75 -0.18 8.40
Spot Silver 14.92 -0.12 -0.80 31.80
Spot Platinum 1225.00 0.50 +0.04 31.44
Spot Palladium 287.50 0.50 +0.17 55.83
TOCOM Gold 2860.00 -7.00 -0.24 11.15 25216
TOCOM Platinum 3670.00 -85.00 -2.26 38.39 12438
TOCOM Silver 445.70 -2.70 -0.60 39.59 230
TOCOM Palladium 865.00 -14.00 -1.59 57.27 161
TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce.
Kazuhiko Saito, chief analyst at Fujitomi Co Ltd, said some investors were concerned that the market could be headed for a major correction.
"Gold prices seem high despite fresh factors to buy the metal, and some investors are worried that prices could take a heavy fall at some point," Saito said.
The precious metal ended higher on Tuesday as a fall in stocks led investors to buy bullion, though analysts said not too much should be read into the day's activity due to thin volume.
U.S. gold futures for December delivery were at $955.70 an ounce, down 0.1 percent.
Koh said the $960s was the key near-term resistance area for gold.
Gold last touched $970 on August 6.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,061.83 tons as of September 1, unchanged since August 25 and down from a record high of 1,134.03 tons marked on June 1.
In other metals, platinum prices have been slow to react to the news of mine strikes in the South African, a fact analysts attribute to poor demand for the metal, used in auto catalysts and jewelry.
Precious metals prices at 0230 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 954.10 -1.75 -0.18 8.40
Spot Silver 14.92 -0.12 -0.80 31.80
Spot Platinum 1225.00 0.50 +0.04 31.44
Spot Palladium 287.50 0.50 +0.17 55.83
TOCOM Gold 2860.00 -7.00 -0.24 11.15 25216
TOCOM Platinum 3670.00 -85.00 -2.26 38.39 12438
TOCOM Silver 445.70 -2.70 -0.60 39.59 230
TOCOM Palladium 865.00 -14.00 -1.59 57.27 161
TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce.