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Asian gold closes easier after late selling

HONG KONG: Asian spot gold closed easier on Thursday after late selling in reaction to continued declines in palladium and platinum prices.

Bullion ended at US$299.00/300.00 an ounce, down from New York's US$299.60/300.60 close on Wednesday. It opened here at US$300.25/301.25.

"Gold, which had closed lower overnight in New York, rose to a high of US$300.50/301.50 in mixed trading in the morning, which saw Australian short-covering offset Japanese selling," a local trading house dealer said.

"But gold drifted lower in the afternoon session on the continued decline of the palladium and platinum price," the dealer added. "Gold sentiment remains bearish after the price fell below US$300 support levels."

Spot silver ended at US$5.20/23 an ounce after closing in New York at US$5.22/25 on Wednesday

Local gold ended HK$52 lower at HK$2,769 a tael.

The carry over charge at the Chinese Gold and Silver Exchange Society rose to -2.00 from its previous fix at -6.00.-Reuters