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HK gold

HONG KONG: Gold closed higher on Asian follow-through buying and short-covering triggered by a price surge in silver, dealers said.

Bullion ended at US$384.60/385.10 an ounce, up from New York's $383.50/384.00 close. It opened here at $384.50/385.00.

"Technically the market is still bullish, supported by higher silver and platinum prices," a local trading house dealer said. "We expect gold to try the upside at US$386 ater overseas due to limited downside risk and since it found good support at US$382.50 levels. The next resistance is seen at US$388." Local gold ended HK$12 higher at HK$3,549 a tael.-Reuter