Dhaka, Bangladesh (BBN)- Although Gold was trying to restore upward momentum after gaining more than 4 percent in the past 10 days, and a rise in Chinese interest rates for the second time in just over six weeks benefited gold's status as an inflation hedge but Gold prices edged down on Thursday after holdings on the ETF slipped again.
Oil demand was forecast to hit a record 90 million barrels a day by the fourth quarter of 2011 as the International Energy Agency (IEA) raised consumption growth forecasts for the year, a review report said.
But the agency also said that rising OPEC production and comfortable oil stocks in developed economies should limit a further spike in oil prices, even with demand hitting an all-time high this year.
BBN/KMS/SI-12Feb11-1:27pm (BST)