Gold climbs up on weak Dollar

Gold prices advanced further in Asia as the dollar dropped while gold holdings extended losses. Gold for immediate delivery was seen trading at $ $1,459.61 an ounce at 1.30pm Singapore time while US gold futures for June rose $6.1 an ounce to $1,461.7 an ounce. Analyst said gold prices are likely to climb further this week as inflation worries and a weak dollar continued to support the yellow metal. Cash silver increased 0.4% to $40.7775 an ounce. Spot palladium rose 0.9 percent to $769 an ounce, while platinum was up 0.5 percent at $1,783.75 an ounce. The Dollar Index, a six-currency gauge of the dollar’s value, fell 0.2% today, halting a rebound from the lowest level since December 2009. Gold typically moves counter to the dollar. Meanwhile, the world''s largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings extended losses and fell to 1,212.964 tonnes by April 13, their lowest in a week, from 1,216.299 tonnes on April 12. IShares Silver Trust (SLV.P) said its holdings slipped to 10,969.71 tonnes by April 13 from 11,212.53 tonnes on April 12, and a record of 11,242.89 tonnes hit on April 8 .