(Corrects final paragraph to August 2008 instead of August 2006)
* Platinum rises to highest since August 2008
* SPDR Gold holdings steady at 1,119.541 tonnes
By Miho Yoshikawa
TOKYO, Jan 12 (Reuters) - Gold prices were mostly flat around
$1,150 per ounce on Tuesday after touching a five-week high in
the previous session, as traders continued to watch the currency
market for direction.
The price of the precious metal touched a five-week high of
$1.161.50 on Monday, after worse-than-expected U.S. jobs data
sent the dollar lower.
Data on Friday showed U.S. employers cut 85,000 jobs in
December, disappointing investors who were expecting a quicker
turnaround for the world's largest economy.
Spot gold <XAU=> was at $1,150.85 per ounce at 0324 GMT,
compared to New York's notional close of $1,151.10.
U.S. gold futures for February delivery <GCG0> were at
$1,151.70, up 0.03 percent from $1,151.40 on the COMEX division
of the NYMEX.
"The market's focus was on a U.S. rate hike taking place
sooner rather than later but that view receded, causing the
dollar to fall, which was positive for gold," said Shuji Sugata,
a manager at Mitsubishi Corp Futures Ltd.
He said gold prices would likely continue to take their cues
from the currency market.
"I think the view of an imminent rate hike has receded, and
this suggests that gold's bottom price may be quite solid,"
Sugata added.
Higher U.S. interest rates boost the dollar and put pressure
on gold, which is often used as a dollar alternative.
The dollar initially rose against the yen and the euro on
Tuesday, after an official at China's sovereign wealth fund said
the U.S. currency had little room to fall further. However, it
later reversed those gains after the official said his comments
reflected only his personal view. []
The official, Peng Junming, also said the fund must not rush
to buy gold because prices are high now.
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,119.541 tonnes as
of Jan. 11, unchanged from the previous business day. []
Platinum <XPT=>, which has important industrial applications
in auto catalysts to clear car exhaust fumes, had benefited from
views that the economy was on a solid recovery path.
It has also benefited from Friday's launch of the first
U.S.-based exchange-traded funds backed by metals, which provides
a new investment vehicle. []
On Tuesday it rose as high as $1,598.0 per ounce, the highest
since August 2008.
PRICES
Precious metals prices at 0322 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1151.00 -0.10 -0.01 5.05
Spot Silver 18.54 -0.01 -0.05 10.16
Spot Platinum 1597.00 5.50 +0.35 8.86
Spot Palladium 430.25 -0.75 -0.17 6.10
TOCOM Gold 3424.00 41.00 +1.21 5.06 60391
TOCOM Platinum 4707.00 82.00 +1.77 7.44 23064
TOCOM Silver 55.80 1.00 +1.82 7.93 695
TOCOM Palladium 1282.00 7.00 +0.55 10.04 380
Euro/Dollar 1.4487
Dollar/Yen 92.14
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by David Dolan and )
