* Gold to rise to $1,435/oz-technicals []
* Coming Up: ISM semi-annual econ forecast; 1500 GMT
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, Dec 7 (Reuters) - Gold ticked lower on Tuesday
as speculators booked profits after sending the price to
another record, but worries over Europe's sovereign debt
problems and speculation the U.S. Fed will extend monetary
easing helped cushion the fall.
Silver flirted with $30 an ounce level, pausing after
reaching a 30-year high on Monday. Investors shrugged off news
that China, the world's second-largest gold consumer, may
raise interest rates this weekend, saying the move had been
widely anticipated to cool inflation. []
Spot gold fell $2.45 to $1,420.40 an ounce by 0213
GMT after hitting a record around $1,427 on Monday in thin
trade.
"There doesn't seem to be any follow through buying, so
you can say gold attracts some year-end profit taking. This is
a sign of consolidation," said Ronald Leung, director of Lee
Cheong Gold Dealers in Hong Kong.
"There's no change in sentiment...cautiously bullish."
A bullish target at $1,435 an ounce for spot gold
is intact as the rise to a record high in the previous session
confirmed an extension of the current wave development,
according to Wang Tao is a Reuters market analyst for
commodities and energy technicals.
For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20100712092404.jpg
Gold's role as a hedge against inflation got a boost after
Federal Reserve Chairman Ben Bernanke said on Sunday the bank
could buy more than the $600 billion in U.S. government bonds
it has committed to purchase. []
Silver hardly changed after rising to a 30-year
high at $30.25 an ounce on Monday on European debt woes.
Dealers in Hong Kong said silver was catching up with
gold, while those in Tokyo said the metal was supported by
physical buying from the industrial sector.
The world's largest silver-backed exchange-traded fund,
iShares Silver Trust , said its holdings rose to
10,816.69 tonnes by Dec 6 from 10,778.68 on Dec 2. The
holdings jumped to an all-time high of 10,893.68 tonnes on
Nov 23. []
For BUY OR SELL, click: []
U.S. gold futures for February rose $4.9 an ounce
to at $1,421 an ounce.
In other markets, the euro was under pressure early in
Asia on Tuesday, having fallen to a record low against the
Australian dollar, as the euro zone appeared split on how to
tackle the region's debt crisis.
Japan's Nikkei average edged down on Tuesday, with the
yen's recent firmness against the dollar weighing on shares of
exporters.
Precious metals prices at 0213 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1420.40 -2.45 -0.17 29.63
Spot Silver 30.06 -0.08 -0.27 78.61
Spot Platinum 1709.99 -10.51 -0.61 16.56
Spot Palladium 753.47 -2.00 -0.26 85.81
TOCOM Gold 3773.00 -8.00 -0.21 15.77 35739
TOCOM Platinum 4588.00 -69.00 -1.48 4.72 10423
TOCOM Silver 79.90 -0.10 -0.12 54.55 1518
TOCOM Palladium 2013.00 -65.00 -3.13 72.79 979
Euro/Dollar 1.3310
Dollar/Yen 82.45
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Ed Lane)
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