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Asian gold closes slightly firmer in two-way trade

HONG KONG: Asian spot gold closed slightly firmer on Monday compared to New York's Friday finish in quiet two-way trading and the market lacked clear direction.

Bullion ended at US$288.50/289.25 an ounce against New York's US$288.20/289.20 close on Friday. It opened here at US$288.50/289.50.

"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 US$1.0 range for the whole day.

"Gold was pumped up in the morning by the weaker US dollar against the yen," the dealer added. "But overseas selling pared gains in the afternoon session."

Sentiment towards gold was mixed, and the price was seen trading within a range of US$285 to US$295 in the short term, dealers said.

Spot silver ended at US$5.08/11 an ounce after closing in New York at US$5.04/06 on Friday

Local gold ended HK$3 lower at HK$2,676 a tael.

The carry over charge at the Chinese Gold and Silver Exchange Society dropped to -4.90 from its previous fix at -2.00.-Reuters