* Gold tracks oil lower after OPEC delays third supply cut
* Nikkei falls nearly 2 percent
* Investors await U.S. data, which could set tone for
dollar * General Motors reviews new turnaround plan for
bailout
(Updates prices)
SINGAPORE, Dec 1 (Reuters) - Gold slipped on Monday after
oil dropped more than $1 and profit taking hit Japanese shares,
while a series of U.S. data which could set the tone for the
dollar was likely to discourage investors from taking large
positions.
Gold has bounced more than 18 percent since tumbling to a
13-month low of $680.80 an ounce late in October but a firmer
dollar and weaker oil prices capped the upside. Bullion rallied
to a six-week high of $830.10 last week before easing.
Gold <XAU=> was trading at $811.30 an ounce, down $1.70
from New York's notional close on Friday. Gold, which posted
its biggest monthly gain since 1999 in November, was still
below a lifetime high of $1,030.80 struck in March.
"Gold pretty much hovered around the $810-$820 levels for
most of the past week and I think we could see a much larger
and clearer direction when we break out of those regions," said
Adrian Koh, analyst at Phillip Futures in Singapore.
"I am a bit mixed on gold. Maybe the economic indicators
will play a part in that direction," he said.
Oil <CLc1> dipped more than a dollar after producer cartel
OPEC decided over the weekend to delay a third supply cut to
later in December, putting greater pressure on prices and
reducing gold's appeal as a hedge against inflation. []
The euro slipped to $1.2657 <EUR=>, which also put pressure
on gold. A raft of U.S. economic data this week, including
retail sales and the key jobs figures due on Friday, will test
the incipient recovery seen in emerging markets during the past
few days. []
Other precious metals also tracked gold lower. Platinum,
which hit a two-week high at $874.50 on bargain hunting last
week, fell back as the outlook remained uncertain amid dismal
car sales and worries about a severe global recession.
Japan's Nikkei share average <> fell 2.0 percent on
Monday as global recession fears prompted investors to book
profits after last week's rally. []
Platinum <XPT=> was trading at $847.50 an ounce, down
$24.00 from New York notional close and well below a record
high of $2,290 hit in March.
"From the looks of the platinum charts, we look like we've
found a bit of a ground around the $750-$850 regions. It may be
a bit early to determine whether it's a bottom or not," said
Koh of Phillip Futures.
"Not forgeting that the financial crisis is still the crux
here and the the auto industry woes are not over yet," he said.
The board of General Motors Corp <GM.N> met on Sunday to
review a restructuring plan intended to cut costs and win
support for up to $12 billion in emergency funding from the
U.S. government. []
More than 60 percent of global platinum use goes to
autocatalysts to clean exhaust fumes.
New York gold futures <GCZ9> fell $5.8 an ounce to $813.2
in electronic trade.
Precious metals prices at 0226 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 811.30 -1.70 -0.21 -2.57
Spot Silver 10.17 -0.09 -0.88 -31.14
Spot Platinum 847.50 -24.00 -2.75 -44.24
Spot Palladium 184.50 -2.00 -1.07 -49.86
TOCOM Gold 2475.00 -8.00 -0.32 -19.12
11101
TOCOM Platinum 2618.00 -4.00 -0.15 -50.96
6234
TOCOM Silver 309.40 -3.80 -1.21 -42.81
260
TOCOM Palladium 574.00 -9.00 -1.54 -57.51
303
Euro/Dollar 1.2658
Dollar/Yen 95.30
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Ben Tan)
