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Gold prices move up

10 February 2009 09:50 (UTC +04:00)

Bakuâ€“ APA-Economics. Gold advanced for the first time in three days in Asia as concern at the slowing global economy and the metalâ€™s dip below $900 an ounce lured buyers, Bloomberg reports.
Bullion rose as investors sought haven assets on speculation President Barack Obamaâ€™s $827 billion stimulus package wonâ€™t lead to a rapid recovery by the U.S. economy. Obama said the U.S. faces a â€œfull-blown crisis.â€
Bullion for immediate delivery added as much as 0.7 percent to $900.35 an ounce and was at $897.19 at 1:38 p.m. in Singapore. It has traded above $900 in each of the past 12 days and reached $929.70 on Jan. 30, the highest since Oct. 10.
Silver rose as much as 0.7 percent to $12.9338 an ounce, and stood at $12.89 at the same time.
Among other precious metals for immediate delivery, platinum gained 0.3 percent to $993.50 an ounce, and palladium jumped 1.6 percent to $210.75 an ounce.