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Gold rises in Asian trading

(China Daily)
Updated: 2010-03-16 10:30
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SINGAPORE - Gold rose in Asia as the prospects of credit tightening in China triggered a drop in equities, prompting some investors to seek a haven in precious metals.

Immediate-delivery bullion gained as much as 0.3 percent to $1,105.60 an ounce, before trading at $1,104.90 at 2:05 pm in Singapore.

Related readings:
Gold rises in Asian trading Gold price boosted by trade data
Gold rises in Asian trading Gold steady as bargain hunting subsides
Gold rises in Asian trading Gold purchases ruled out to diversify forex reserves
Gold rises in Asian trading China calls US Treasuries important, wary on gold

"Gold will be supported as long as uncertainties about the economy remain," said Wu Zhengzheng, an analyst at China International Futures Co (Beijing). "Gold will continue to consolidate in the $1,100 to $1,150 range as investors assess the global recovery."

Silver was down 0.2 percent at $17.0250 an ounce, platinum fell 0.2 percent to $1,603.75 an ounce, and palladium slid 0.5 percent to $460 an ounce.

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