(Updates prices, adds oil)
By Lewa Pardomuan
SINGAPORE, May 9 (Reuters) - Platinum jumped to its best
level in more than two weeks on Friday on speculative buying
ahead of the launch of new platinum exchange-traded notes,
while gold held near a one-week high on firm euro and record
high oil.
The two ETNs -- UBS E-Tracs Long Platinum ETN <PTM.P> and
UBS E-Tracs Short Platinum ETN <PTD.P> -- will start trading
soon on the NYSE Arca platform, according to CNBC television
and NYSE Euronext exchange data. []
Dealers also reported platinum purchases in Japan, Europe
and the United States as auto makers stocked up for their
second-quarter requirements, but the metal was still more than
$200 below a lifetime high of $2,290 an ounce hit on March 4.
Spot platinum <XPT=> rose as high as $2,043 an ounce, its
highest since April 18, up from $2,008.50/2,028.50 late in New
York on Thursday.
"Automobile makers start to buy, therefore the price will
increase rapidly. By the end of May, the price may be $2,100,"
said Yukuji Sonoda, precious metals analyst at Daiichi
Commodities in Tokyo.
But jewellery makers weren't buying because of the high
prices, using recycled metal instead to meet demand, said
Sonoda.
Platinum's major industrial use is in catalysts,
particularly in diesel catalysts, as it helps cleanse
environmentally damaging fumes from motor exhausts. It is also
used in jewellery.
The benchmark platinum contract for April 2009 delivery
<0#JPL:> on the Tokyo Commodity Exchange rose 187 yen per gram
higher at 6,590 yen.
Gold <XAU=> hit a high of $884.55 an ounce, not far from
Thursday's one-week high of high at $885.25 an ounce, before
dipping to $883.80/884.80 an ounce, still up from
$881.40/882.60 an ounce late in New York.
"The euro has reversed after finding some support around
the 1.5821 region. That provides some support for gold," said
Adrian Koh, an analyst at Phillip Futures in Singapore.
"Higher oil prices and the platinum news are also
supportive. So basically, it's a string of good news for gold."
The euro edged up to $1.5414 <EUR=> after rebounding from a
two-month low on reduced expectations for European Central Bank
rate cuts. Oil <CLc1> spiked to another record near $125 a
barrel on Friday on fund buying. []
In the physical market, steady purchases from jewellers in
Indonesia, Thailand and Vietnam pushed up premiums for gold
bars to 80 U.S. cents an ounce to the spot London prices in
Singapore, from 75 cents last week <GOLD/ASIA1>.
India, the world's largest gold consumer, was active an
buyer earlier this week ahead of Akshaya Tritiya, a festival
when many Hindus buy gold with the belief it will give them
lasting prosperity
Gold futures for June delivery <GCM8> on the COMEX division
of the New York Mercantile Exchange added $2.8 an ounce to
$884.9 an ounce.
Silver <XAG=> edged up to $16.89/16.95 an ounce from
$16.85/16.91 an ounce. Spot palladium <XPD=> rose to $435/443
an ounce from $430.50/438.50 an ounce.
Precious metals prices at 0637 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 883.00 0.70 +0.08 6.04
Spot Silver 16.89 0.09 +0.54 14.35
Spot Platinum 2034.50 24.50 +1.22 33.85
Spot Palladium 435.00 4.50 +1.05 18.21
TOCOM Gold 2966.00 38.00 +1.30 -3.07
35587
TOCOM Platinum 6585.00 182.00 +2.84 23.34
19713
TOCOM Silver 569.30 9.90 +1.77 5.23
476
TOCOM Palladium 1487.00 35.00 +2.41 10.07
982
Euro/Dollar 1.5428
Dollar/Yen 103.49
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Ben Tan)
