* Dollar weakness remains a support for gold
* SPDR Gold holdings unchanged
TOKYO, Nov 18 (Reuters) - Gold prices inched up to touch
another record high on Wednesday but then fell back to around
$1,140 per ounce on the view that recent rises had gone too far.
Although technical charts suggest bullion is overbought,
market players said the precious metal's long-term strength is
seen intact, with the dollar expected to remain weak, and amid
worries about inflation and an uncertain economic outlook.
Some said buying momentum for gold was likely to slow ahead
of next week's Thanksgiving holiday in the United States, and
also now that prices have neared the $1,150 level.
"I think we will see the market taking a break with
Thanksgiving almost here," said Kazuhiko Saito, chief analyst at
Tokyo's Fujitomi Co Ltd, adding that it could be next month
before another solid rally takes place.
Spot gold <XAU=> was trading at $1,139.50 per ounce at 0235
GMT, after rising to $1,143.95 per ounce, up 0.2 percent from the
New York notional close of $1,141.50.
U.S. December gold <GCZ9> jumped to as high as $1,144.70,
after settling up 20 cents at $1,139.40 in New York. It drifted
lower to $1,140.50 on Wednesday.
The precious metal inched up in New York on Tuesday as
worries about long-term inflation more than offset a stronger
dollar.
In news closely monitored by the market, the International
Monetary Fund said it sold two tonnes of gold to the central bank
of Mauritius at prevailing market prices on Nov. 11.
[]
The report follows news that the IMF sold 200 tonnes of gold
to India early in November, a factor that drove gold prices to
record highs above $1,100.
The focus has now shifted to the remaining 403.3 tonnes that
the IMF had said it planned to sell.
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,113.833 tonnes as
of Nov. 17, unchanged from the previous business day. []
In news for other precious metals, Johnson Matthey said
platinum prices could top recent 14-month highs to hit $1,550 an
ounce in the next six months if investment demand adds to a
recovery in car sales. []
Spot platinum <XPT=> was trading at $1,445 per ounce, down
from New York's notional close of $1,453.
Spot palladium <XPD=> was trading at $371 versus $370 while
Spot silver <XAG=> was trading at $18.43, up from $18.40.
PRICES
Precious metals prices at 0231 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1138.95 -2.55 -0.22 29.40
Spot Silver 18.44 0.04 +0.22 62.90
Spot Platinum 1446.00 -7.00 -0.48 55.15
Spot Palladium 371.00 1.00 +0.27 101.08
TOCOM Gold 3281.00 22.00 +0.68 27.52 43446
TOCOM Platinum 4161.00 38.00 +0.92 56.90 14061
TOCOM Silver 530.10 9.10 +1.75 66.02 367
TOCOM Palladium 1071.00 8.00 +0.75 94.73 228
Euro/Dollar 1.4882
Dollar/Yen 89.28
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Edwina Gibbs)
