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87

Gold Fell by 1.2 percent in Asia

Gold prices in Asia fell Thursday by 1.2 per cent to $930.88 an ounce as most investors sold the metal to lock in gains

Gold for immediate delivery fell by 1.2 percent to $930.88 an ounce in Singapore.

It was caused by the desire of most investors to lock in gains after gold gained the most in two months yesterday.

The metal rose to $948.28 Wednesday, the highest since March 2, after the Fed decided to buy as much as $300 billion of Treasuries, up to $750 billion of bonds backed by government-controlled mortgage companies and $100 billion in debt from other government agencies to loosen credit and bolster the housing market.

Among other precious metals for immediate delivery, silver fell 1.4 percent to $12.73 an ounce, platinum lost 0.4 percent to $1,055.50 an ounce, and palladium slid 0.3 percent to $198.75 an ounce in Singapore.

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