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Asian gold closes easier in two-way trade

HONG KONG: Asian spot gold closed easier on Friday from New York's overnight finish in two-way trading, after late selling offset early short-covering.

Bullion ended at US$275.80/276.30 an ounce, down from New York's US$276.25/75 close on Thursday. It opened here at US$277.20/70.

"Gold, which had closed lower overnight in New York, rose to a high of US$277.30/80 in mixed trading in the morning, which saw short-covering and bargin-hunting," said a dealer at a local securities house.

"But the price drifted lower in the afternoon session on overseas selling."

"Gold sentiment remains bearish after the price fell below US$278 levels," the dealer added.

"In the short term gold is likely to slip further, possibly testing US$275 levels."

Spot silver ended at US$4.92/95 an ounce after closing in New York at US$4.94/97 on Thursday.

Local gold ended HK$13 lower at HK$2,565 a tael.

The carry over charge at the Chinese Gold and Silver Exchange Society rose to -4.00 from its previous fix at -5.00.-Reuters