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Asian gold closes slightly firmer in two-way trade

HONG KONG: Asian spot gold closed slightly firmer on Wednesday from the previous New York close in quiet two-way trading.

Bullion ended at US$282.70/283.20 an ounce against New York's US$282.50/283.00 close on Tuesday. It opened here at US$282.60/283.10.

"The local market was narrowly mixed in cautious trade today," said a dealer at a local securities house. "The price of gold stayed within a 80 US cent range for the whole day.

"The direction was not clear enough for most local traders to take new positions ahead of the Chinese New Year holiday," the dealer added.

Spot silver ended at US$5.20/23 an ounce after closing in New York at US$5.19/21 on Tuesday

Local gold ended HK$4 lower at HK$2,625 a tael.

The carry over charge at the Chinese Gold and Silver Exchange Society rose to-4.00 from its previous fix at -5.00.

The Chinese Gold and Silver Exchange Society said the local tael market would close for the Lunar New Year holiday on February 3 and reopen on February 8.-Reuters