Gold up in Japanese Markets Tuesday

TOKYO (Reuters) – Gold prices edged up above $870 per ounce on Tuesday as technical charts suggested a sell-off, partly driven by a quick shift of investor money from the precious metal to riskier assets such as stocks, had been overdone.

 FUNDAMENTALS 

* Gold was at $871.40 an ounce at 0007 GMT, up 0.3 percent from New York’s notional close of $868.80. Gold touched a low of $864.30 on Monday, the lowest since Jan. 23, as some investors unwound safe-haven positions, others sold as the dollar strengthened and some also unloaded gold along with other commodities including oil and base metals. 

* The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,127.37 tonnes as of April 6, unchanged from April 3 and just below a record 1,127.44 tonnes.

Source: Reuters