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Asian gold closes higher at day's peak

HONG KONG: Asian spot gold closed higher at the day's peak on Tuesday after currency-related buying and Australian short-covering.

Bullion ended at US$293.00/294.00 an ounce, up from New York's US$291.80/292.80 close on Monday. It opened here at US$291.75/292.75.

"The price of gold rose in the Asia market, possibly related to gains in palladium and platinum prices," said a dealer at a local securities house.

"Gold is likely to stay in a tight range and lacks clear direction," the dealer added. "The gold market is seeking direction by watching the other metals and dollar/yen movements."

The dollar was firmer and was quoted at 110.03/08 yen late in the Asian day.

Spot silver ended at US$5.06/09 an ounce after closing in New York at US$5.05/08 on Monday

Local gold ended HK$8 higher at HK$2,720 a tael.

The carry over charge at the Chinese Gold and Silver Exchange Society dropped to -6.00 from its previous fix at -4.00.-Reuters