* Gold seen up to $1,435/oz-technicals []
* Coming Up: U.S. employment index Nov; 1500 GMT
(Updates prices)
By Lewa Pardomuan
SINGAPORE, Dec 6 (Reuters) - Gold steadied on Monday after
rising nearly 2 percent in the previous session to above
$1,400 an ounce, with a struggling U.S. dollar that pushed
silver to its highest since early 1980 likely to spur more
buying from investors.
Any signs of a weaker U.S. economy or heightened tensions
between the two Koreas could also bolster gold, while worries
about euro zone sovereign debt remain on investor minds.
South Korea started live-fire naval exercise on Monday,
despite Pyongyang's warnings against conducting the drills in
disputed waters off the west coast of the peninsula.
[]
"We are still worried about situation in Europe. There's
still money flowing into the physical market," said Dick Poon,
manager at Heraeus in Hong Kong, referring to purchases by
investors.
Spot gold rose to $2.15 an ounce to $1,416.50 by
0709 GMT, having hit a low around $1,408. Gold had risen as
high as $1,415.36 on Friday as the dollar tumbled following
disappointing jobs data in November. [].
Bullion hit a record high around $1,424 an ounce in
November.
Cash gold may rise further towards $1,435 an ounce
as a new labeling of its wave pattern suggests a potential
extension of the current rally, according to Reuters technical
analyst Wang Tao.
For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20100612084233.jpg
U.S. gold futures for February rose $10.9 an ounce
to at $1,417.1 an ounce.
The dollar on Monday recouped some ground lost from a
renewed focus on U.S. quantitative easing, and was helped by
short covering, while the euro fell back towards channel
support ahead of a meeting of European finance ministers.
Gold had seen a bit of buying related to the tension in
the Korean peninsula after North Korea's artillery attack on a
southern island last month, although investors were paying
more attention to the debt crisis in Europe and talk about
another round of U.S. quantitative easing.
Fed chairman Ben Bernanke was reported in an interview
with CBS television as not ruling out further bond purchases
beyond the $600 billion already announced. []
"I think we are watching the tensions in Korea, and
whether China will hold talks on this issue. You can say the
U.S. economy will recover only very slowly, so if there's no
change, there will be a second round of quantitative easing,"
said a dealer in Hong Kong.
"I think sentiment in gold is still bullish. We are
waiting to break a new high. We are seeing more buying from
investors than from jewellers."
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust , said its holdings slipped to 1,298.030
tonnes by Dec. 3 from 1,298.447 on Dec 2. The holdings hit a
record at 1,320.436 tonnes on June 29.
Silver firmed to its highest since March 1980,
catching up with gold.
Platinum rose to its highest since Nov. 10, while
palladium held near its highest level since early 2001
despite reports that China will not extend tax incentives for
small cars next year. []
Both metals are mainly used in auto catalysts.
Precious metals prices at 0709 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1416.50 2.15 +0.15 29.28
Spot Silver 29.76 0.40 +1.36 76.83
Spot Platinum 1733.00 7.50 +0.43 18.13
Spot Palladium 769.47 11.07 +1.46 89.76
TOCOM Gold 3782.00 34.00 +0.91 16.05 52850
TOCOM Platinum 4656.00 1.00 +0.02 6.28 13104
TOCOM Silver 80.00 2.60 +3.36 54.74 2220
TOCOM Palladium 2075.00 26.00 +1.27 78.11 1221
Euro/Dollar 1.3338
Dollar/Yen 82.89
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
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