TOKYO, Nov 16 (Reuters) - Spot gold punched to a record high
above $1,126 an ounce on Monday as investors sought out bullion
as a hedge against a weak dollar, while the precious metal's
gains helped send platinum to its highest since September 2008.
News that commodities funds manager Blackrock Investment
<BLK.N> expected central banks to be net gold buyers in 2009 also
contributed to gold's rise. []
Spot gold <XAU=> was at $1,123.75 an ounce at 0026 GMT, up
0.5 percent from New York's notional close of $1,118.50. It
earlier touched an all-time high of $1,126.30.
The previous record was $1,122.85 marked on Thursday.
The dollar drifted lower in Asia on Monday, extending falls
from late last week and heading into a week that is likely to see
increased rhetoric on currencies from both China and visiting
U.S. President Barack Obama. []
The greenback fell broadly on Friday after data showed a
wider U.S. trade deficit and weaker consumer sentiment.
U.S. gold futures for December delivery <GCZ9> stood at
$1,124.20 an ounce, up 0.7 percent from Friday's settlement. The
contract also earlier rose to a new record high, of $1,127.90.
The world's largest silver-backed exchange-traded fund, the
iShares Silver Trust <SLV>, said its bullion holdings rose 30.56
tonnes, or 0.3 percent, from the previous business day to a
record 8,954.08 tonnes as of Nov. 13.
Spot platinum <XPT=> stood at $1,386.50 an ounce after
hitting a 14-month high of $1,394.00.
On Friday platinum broke through above $1,390 for the first
time since September 2008 after news that Impala Platinum
Holdings <IMPJ.J> forecast output from Rustenburg, its main
mining area, would fall by 100,000 ounces this financial year to
850,000 ounces, due to closures over safety and a two-week
strike. []
Impala Platinum is the world's No. 2 producer of the metal
used to clean vehicle exhaust fumes and make jewellery.
But interest from long-term investors in gold-backed
securities was relatively low.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said its holdings stood at 1,113.833
tonnes as of Nov. 13, down 0.61 tonne from the previous business
day. []
It was the first fall since Nov. 5.
Precious metals prices at 0023 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1123.10 4.60 +0.41 27.60
Spot Silver 17.57 0.16 +0.92 55.21
Spot Platinum 1386.00 -4.00 -0.29 48.71
Spot Palladium 355.50 2.00 +0.57 92.68
TOCOM Gold 3245.00 23.00 +0.71 26.12 23748
TOCOM Platinum 4014.00 66.00 +1.67 51.36 4819
TOCOM Silver 507.00 4.80 +0.96 58.78 102
TOCOM Palladium 1036.00 20.00 +1.97 88.36 96
Euro/Dollar 1.4954
Dollar/Yen 89.50
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Risa Maeda; Editing by Chris Gallagher)
