Daily Gold Update

Source: Bloomberg

New York— Gold dropped a second day in Asia as investor demand diminished after the metal�s rally last week to more than $950 an ounce, the highest in six-months. Bullion climbed to $952.92 an ounce on Feb. 12, the highest since July 22, as the global financial crisis prompted investors to seek gold as a store of value and demand rose for haven assets.

�I wouldn�t be surprised if we see a little bit of a correction but that would be a good buying opportunity because I think it will be over a $1,000 an ounce within a few months� time,� said Philip Klapwijk, chairman of London-based GFMS Ltd. Gold for immediate delivery dropped as much as 0.6 percent to $936.33 an ounce, before trading at $938.35 at 2:51 p.m. in Singapore. Gold for April delivery was down 0.3 percent at $939 in after-hours electronic trading on the Comex division of the New York Mercantile Exchange. The U.S. market is closed today for a holiday. See full story.