Gold steady around $950 on Thursday, pausing for breath as investors took profit from an 11-month high hit last week and lay in wait for fresh news to begin buying again.The market has become more volatile after prices rose above the key $1 000 level last week, and though factors encouraging risk aversion remain, investors are choosing to cash in on the high prices now rather than chase them higher.
Traders said though light buying had aided prices, given talk of the global recession, some people may opt to sell gold to secure cash, causing the market to lack the momentum to push beyond $1 000 in the near term.Spot gold was trading at $952,45 an ounce as of 0245 GMT, little changed from New York's notional close of $952,10 on Wednesday. Gold fell 4% over the previous three sessions.The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings remained at a record high of 1 028,98 t on February 25, a level it first hit on February 19.
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