Tokyo: Gold gained for a fourth day as investor sentiment benefited from a resumption in so-called yen carry trades, borrowing cheap funds in Japan to buy other currencies or higher-yielding assets.

The yen fell against all of the world's 16 most-active currencies after Abu Dhabi's government agreed to invest in Citigroup, boosting the carry-trade demand, a sign of increased appetite for riskier assets such as commodities.

The gold rose $4.83, or 0.6 per cent, to $829.42 an ounce. Silver was little changed at $14.77. The yen dropped the most against the New Zealand and Australian dollars today, favourite targets of carry trades in Tokyo from 107.41 late in New York yesterday, when it reached 107.23, the strongest since June 2005.

December-delivery gold on the Comex division of the New York Mercantile Exchange gained for a fifth day by 0.2 per cent to $828.10 an ounce.

Source : PTI