By Glenys Sim
Dec. 11 (Bloomberg) -- Gold fell in Asia, holding above $800 an ounce, as some investors sold the metal after it posted its biggest gain in almost three weeks yesterday. Platinum traded little changed.
Bullion gained as much as 4.7 percent to $813.72 an ounce yesterday, rising above $800 for the first time since Dec. 1, as the dollar weakened. The dollar was little changed against a weighted basket of six major currencies today.
“The market seems to be selling highs and buying dips because no one is taking major positions right now,” Walter de Wet, an analyst at Standard Bank Plc in Johannesburg, said in an e-mailed note to clients. “These directionless trends and quiet markets could continue into year-end.”
Bullion for immediate delivery fell as much as 1 percent to $802.72 an ounce, and traded at $804.04 at 10:30 a.m. in Singapore. Gold for February delivery lost 0.5 percent to $804.50 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.
Immediate-delivery platinum fell 0.3 percent to $829.50 an ounce. The metal used in car exhaust systems jumped 2.3 percent yesterday as a $14 billion automaker bailout measure neared a vote in the U.S. House even as Republicans said the plan lacks enough support to pass in the Senate. Automakers account for more than 60 percent of global platinum consumption.
Among other precious metals for immediate delivery, silver was little changed at $10.19 an ounce, and palladium fell 1.4 percent to $178.75 an ounce.
To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net
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