* Dollar weakness remains a support for gold
* SPDR Gold holdings unchanged []
By Miho Yoshikawa
TOKYO, Nov 18 (Reuters) - Gold prices inched up to touch
another record high on Wednesday but then succumbed to
profit-taking and fell back to $1,140 per ounce on the view that
recent rises had gone too far too fast.
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.
Federal Reserve Ben Bernanke made a rare comment on Monday
about the value of the dollar, drawing a link between its current
weakness and inflation risks.
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, a key
technical target seen likely to pave the way for $1,200.
"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 at $1,137.70 per ounce at 0511 GMT, down
0.3 percent from the New York notional close of $1,141.50. It
earlier touched a record $1,143.95 per ounce.
The dollar index <.DXY> <=USD> hovered at around 75.26 after
striking a 15-month low of 74.679 on Monday.
Gold has pierced record highs on eight of the past 12
sessions, during which it has risen more than 7 percent.
Bullion has gained about 30 percent in the year to date.
For graphic, click:
http://graphics.thomsonreuters.com/119/GLD/GLD_TMLN1009.html
U.S. December gold <GCZ9> jumped as high as $1,144.70, a
record, on Wednesday after settling up 20 cents at $1,139.40 in
New York. It drifted lower to $1,138.30 in late Asian trade.
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 early in November that the IMF had
sold 200 tonnes of gold to India, a factor that helped drive gold
prices to record highs above $1,100.
The focus has now shifted to the remainder of 403.3 tonnes
that the IMF has said it plans 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 since Nov. 13. []
In news on 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=> stood at $1,446.50 per ounce, down 0.5
percent from New York's notional close of $1,453.
Spot palladium <XPD=> was at $369 versus $370 while spot
silver <XAG=> was at $18.32, down from $18.40.
Precious metals prices at 0509 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1137.90 -3.60 -0.32 29.28
Spot Silver 18.33 -0.07 -0.38 61.93
Spot Platinum 1444.00 -9.00 -0.62 54.94
Spot Palladium 369.00 -1.00 -0.27 100.00
TOCOM Gold 3274.00 15.00 +0.46 27.24 54369
TOCOM Platinum 4158.00 35.00 +0.85 56.79 16664
TOCOM Silver 525.70 4.70 +0.90 64.64 506
TOCOM Palladium 1066.00 3.00 +0.28 93.82 303
Euro/Dollar 1.4882
Dollar/Yen 89.14
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Additional reporting by Risa Maeda; Editing by Michael Watson)
