Gold was little changed in Asia as investors and traders preferred to see where crude oil prices may head before deciding on new bets on the precious metal.
Gold for immediate delivery rose as much as $1.18, or 0.2 percent, to $625.88 an ounce at 11:01 a.m. Singapore time. It earlier fell as much as 57 cents, or 0.1 percent, to $624.13. Yesterday, it rose 0.6 percent, the biggest gain in a week.
Crude oil fell yesterday amid signs that lower-than-usual heating demand and increased gasoline output will slow the drawdown of U.S. fuel supplies. Crude oil for February delivery was at $61 a barrel, down 0.2 percent, in after-hours electronic trading on the New York Mercantile Exchange at 11:02 a.m. in Singapore. The contract earlier fell as much as 34 cents, or 0.6 percent, to $60.76 a barrel.
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Gold Stable as Investors Concentrate on Oil
Gold was little changed in Asia as investors and traders preferred to see where crude oil prices
