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Asian gold little changed in thin afternoon trade

HONG KONG: Asian spot gold was little changed on Thursday as activity slowed for the lunar new year holiday and the price traded in a range without any new factors.

Gold bullion was quoted at US$284.70/285.20 per ounce late on Thursday compared to New York's previous close at US$284.50/285.25 on Wednesday.

"There was thin two-way interest from professionals, and gold hit heavy resistance above US$286," a trader said.

Buying for physical demand tapered off and was likely to weaken further following Chinese New Year, a Singapore trader said. A weak rupiah against the dollar also was dampening demand for gold from Indonesia, he said.

Traders said they expected gold to remain in the US$282-290 range in the short term.

Palladium and platinum prices took a breather after climbing above US$500 an ounce. Traders said prices should remain firm on strong industry demand and uncertainty over Russian supplies.

Spot palladium was quoted at US$491.00/496.00 after hitting US$502.00/507.00. Spot platinum also was quoted at US$491.00/496.00.

Yen-based palladium futures ended sharply higher on TOCOM.

Hong Kong's Chinese Gold and Silver Exchange was closed for the lunar new year holiday and will reopen on Tuesday.

Spot silver was quoted at US$5.18/21 an ounce after closing in New York at US$5.17/20 on Wednesday.-Reuters