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Gold 1083.50 - Vacillates
Fluctuates After Falling Past Two Days on Dollar Outlook

By Kim Kyoungwha

Dec. 23 (Bloomberg) -- Gold fluctuated in early trading in Asia after falling the past two days as a rebounding dollar reduced demand for the precious metal and volumes wane as investors prepare for year-end holidays.

The Dollar Index, a six-currency gauge of the greenback’s value, is trading near its highest level in more than three months, on signs of a recovery in the world’s largest economy. Sales of existing U.S. homes reached their highest level in almost three years last month, a report showed yesterday.

“Commodities including gold will probably remain weak as long as the dollar continues its rise,” said Park Jong Beom, a senior trader with Tongyang Futures Co. in Seoul. “With major market players closing their year-end books, volume is thin and the market is easily swayed by two-way fluctuations.”

Gold for immediate delivery climbed a much as 0.4 percent to $1,088.28 an ounce, having earlier dipped 0.1 percent. It was at $1,087.68 at 9:30 a.m. in Singapore. Gold for February delivery in New York gained 0.2 percent at $1,085.30 an ounce.

Gold, up 23 percent this year, is headed for its ninth annual gain. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, were unchanged at 1,132.71 metric tons yesterday according to the fund’s Web site. They reached a record 1,134 tons on June 1.

Among other precious metals, silver fell 0.2 percent to $16.9650 an ounce, platinum gained 0.2 percent at $1,397.25 an ounce and palladium declined 0.6 percent to $356.44 an ounce.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aAuKXeUJWysk