* SPDR Gold Trust holdings jump 1.5 pct; iShares holdings
rise
* Gold targets $1,518 -technicals []
* Coming up: U.S. NAHB housing market index, April; 1400 GMT
(Adds comment, detail; updates prices)
By Rujun Shen
SINGAPORE, April 18 (Reuters) - Spot gold hit a record high
and silver rose to a 31-year high on Monday, fuelled by concerns
of rising inflation globally, and as a lingering euro zone
sovereign debt crisis continued to boost safe-haven demand in
precious metals.
Spot gold hit a record of $1,488.50 an ounce, before
easing to $1,484.29 by 0252 GMT. U.S. gold futures <GCv1> were
nearly flat at $1,486.60.
"It wouldn't be a surprise to see gold push higher in the
current environment," said Darren Heathcote, head of trading at
Investec Australia, adding that investors were concerned about
inflation, especially when oil prices remain high.
U.S. crude futures <CLc1> headed lower on Monday below $109
a barrel after three days of gains, but had gained nearly 20
percent this year.
Inflation accelerated in Asia and Europe in March while the
United States bucked the global trend with underlying price
pressures largely in check, leaving monetary policy on diverging
paths around the world.[]
The lingering euro zone debt crisis also helped lift gold
prices. []
Technical analysis indicated that gold may target $1,518 an
ounce, said Reuters market analyst Wang Tao. []
Reflecting growing investment interest, holdings in the SPDR
Gold Trust , the world's largest gold-backed
exchange-traded fund, jumped 1.5 percent to a nearly three-month
high of 1,231.159 tonnes.
SILVER RISES TO 31-YEAR HIGH
Spot silver rose to 31-year highs for the third
consecutive session, hitting $43.34 an ounce. It was trading at
$43.28.
"Silver's rally has been dumbfounding," said a Tokyo-based
trader. "Bears are very weak now after silver has steadily
climbed from under $30 to $43 in less than two months."
But he said that investors' enthusiasm had eased slightly
since silver breached above the $40 threshold last week.
Holdings in the world's largest silver-backed
exchange-traded fund, iShares Silver Trust , gained 0.64
percent to 11,044.07 tonnes by April 15, down 1.5 percent from a
week earlier.
Gold-silver ratio, used to measure how many ounces of silver
is needed to buy an ounce of gold, fell to below 35, its lowest
since the early 1980s.
It compares to an average of 65 over the past three decades.
But the ratio could drop further as investors continue to favour
silver.
Spot silver has rallied 40 percent so far this year, making
gold's 4.6 percent gain negligible.
Precious metals prices 0252 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1484.29 0.54 +0.04 4.57
Spot Silver 43.28 0.29 +0.67 40.25
Spot Platinum 1787.24 4.54 +0.25 1.12
Spot Palladium 761.72 1.17 +0.15 -4.73
TOCOM Gold 3973.00 11.00 +0.28 6.54 37470
TOCOM Platinum 4808.00 -22.00 -0.46 2.39 6087
TOCOM Silver 115.50 2.10 +1.85 42.59 1812
TOCOM Palladium 2043.00 -30.00 -1.45 -2.58 153
COMEX GOLD JUN1 1486.60 0.60 +0.04 4.59 7904
COMEX SILVER MAY1 43.32 0.74 +1.75 40.00 9760
Euro/Dollar 1.4384
Dollar/Yen 82.91
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
(Editing by Clarence Fernandez)
