Gold firms near all time high; SPDR hits record

SINGAPORE: Spot gold firmed on Wednesday, hovering within sight of a record above $1,250 an ounce struck the previous day, with dealers saying the metal was likely to consolidate before any charge higher.

Gold has gained as much as 14 percent in 2010, underpinned by worries the sovereign debt crisis in Europe may spread and hurt global economic growth and uncertainties over the future of U.S. interest rates.

Spot gold was at $1,236.55 an ounce by 0245 GMT, up $2.92 from New York”s notional close on Tuesday, when it rose as high as $1,251.20 — its highest ever.

“I think we can say the market is consolidating,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

“As long as the interest rates do not increase in the U.S., you can say the market is still bullish.”

Two top U.S. Federal Reserve officials on Tuesday offered opposing signals on the direction of interest rates, highlighting a split within the central bank.

Physical selling slowed down in Asia and some jewelers could advantage of a slight correction in prices to stock up, with dealers noting steady purchases from investors.

“The jewellers have stepped back. There”s only buying from investors,” said Leung. Holdings in the world”s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a record high at 1,298.530 tonnes as of June 8, from 1,286.359 tonnes as of June 4.

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