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Asian gold ends lower despite local short-covering

HONG KONG: Asian spot gold closed lower on Thursday but recovered partially from losses after local short-covering.

Bullion ended at US$289.75/290.50 an ounce against New York's US$291.10/292.10 close on Wednesday. It opened at US$289.00/75.

"We saw early follow-through selling from overseas, which pushed gold to a day's low of US$288.50/289.25, but later traded up slightly after local short-covering," a local trading house dealer said.

The dealer said bearish sentiment and selling pressure on the upside meant gold was likely to fall further.

Spot silver ended at US$5.07/10 an ounce, unchanged from New York's on Wednesday finish.

Local gold ended HK$28 lower at HK$2,685 a tael.

The carry over charge at the Chinese Gold and Silver Exchange Society was -8.00, unchanged its previous fix.-Reuters