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Asian gold closes slightly firmer in two-way trade

HONG KONG: Asian spot gold closed slightly firmer on Wednesday from the previous New York close in quiet two-way trading and the market lacked clear direction.

Bullion ended at US$305.00/306.00 an ounce against New York's US$304.75/305.75 close on Tuesday. It opened here at US$304.00/305.00

"The local gold market was mixed in cautious trade today," said a dealer at a local securities house.

"Palladium climbed to an all-time record high in New York overnight, pumping up some short-covering interest in gold," the dealer added.

"But the dollar/yen rate kept at higher levels to put pressure on gold."

Palladium was quoted at US$800/0.00 an ounce and platinum was quoted at US$503.00/3.00.

Spot silver ended at US$5.25/28 an ounce after closing in New York at US$5.25/27 on Tuesday.

Local gold ended HK$5 higher at HK$2,821 a tael.

The carry over charge at the Chinese Gold and Silver Exchange Society rose to -6.00 from its previous fix at -8.47.-Reuters