Singapore 29/03/2012 - Gold prices edged higher during Thursday afternoon trading in Asia as the euro rebounded against the dollar and bargain hunters emerged after yesterday's small correction in commodities, but low crude oil prices weighed on the market.

Spot gold was quoted at $1,661.90-1,662.30 per ounce, flat from the close on Wednesday at $1,661.30. Silver was steady at $32.06-32.12 from yesterday's close at $32.10.

On the SHFE, the June gold contract last traded at 339.97 yuan per gram ($1,673.85 per ounce), down from the close on Wednesday at 342.39.

Crude oil prices traded near the lowest level in a weak after Western countries discussed a release from strategic reserves to combat high oil prices that were dragging on economic growth. This continued to weigh on gold prices both because the yellow metal is used as a hedge against inflation and also because it often tracks the wider commodities complex.

"Gold prices have a positive correlation with oil prices as they both trade on popular commodity indexes," HSBC Global Research said. "Oil has a large weight in there indexed and declines in oil prices may lead to a sell-off in gold prices due to portfolio rebalancing."

Spot platinum was quoted at $1,639-1,649 per ounce, up from the close on Wednesday at $1,635. Palladium was steady at $642-658 from yesterday's close at $647.51. 

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