Gold News

Gold traded little changed in Asia after U.S. Treasury Secretary Timothy Geithner said the “vast majority” of the nation’s banks have enough capital, easing investors’ concerns about the global economy.

Gold prices little changed after Geithner’s remarks ease concerns

The comments boosted equities and eased demand for the metal as an alternative investment

Gold traded little changed in Asia after U.S. Treasury Secretary Timothy Geithner said the “vast majority” of the nation’s banks have enough capital, easing investors’ concerns about the global economy. The comments boosted equities and eased demand for the metal as an alternative investment. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, stood unchanged at 1,105.98 metric tons for a second day yesterday. “Geithner sought to reassure markets about the health of the U.S. financial sector and the success of the Troubled Asset Relief Program,” James Steel, an analyst at HSBC Securities, wrote in an e-mailed note. The Treasury-run program, known as TARP, is used to channel state funds to U.S. lenders. Gold is trading at $886 as of 9:00am, London Time. Gold’s Pool-Position is 38% Short, meaning that most Finotec clients are selling the precious metal.

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