* Gold bounces from lows ahead of U.S. data, Fed minutes
* Oil extends gains above $115 a barrel, euro slips
(Updates prices)
SINGAPORE, Aug 26 (Reuters) - Gold rebounded from lows on
Tuesday as rising oil spurred bargain hunting and helped the
metal defy a rising dollar.
Silver, platinum and palladium firmed but trading was slow
before Tuesday's U.S. housing and consumer confidence data and
minutes from the Federal Reserve's last policy meeting that may
offer clues on the direction of the economy and interest rates.
Gold <XAU=> hit an intraday low of $817.80 an ounce on
selling in Japanese futures before rebounding to $821.35/822.35
an ounce, up from $820.20/821.40 an ounce late in New York on
Monday.
Gold was well below a lifetime high of $1,030.80 hit in
March, and dealers said jewellers and other physical buyers
were expected to buy on dips ahead of the festive seasons in
Asia, especially in main consumer India.
"Physical metals are cheap, especially silver," said
William Kwan, bullion director at Gold Capital Management in
Singapore.
"I am looking at $807 as the support level for spot gold
today. The upside is quite high at around $835 for a start and
then followed by $850. Let's see how it goes," he said.
Oil <CLc1> extended gains above $115 a barrel on concerns
that tropical storm Gustav in the Caribbean coulddisrupt oil
and natural gas output in the Gulf of Mexico as itmoves
northwest. []
The euro dipped to $1.4716 <EUR=>.
In theory, expensive lifts gold's appeal as a hedge against
inflation while a stronger dollar reduces its appeal as an
alternative investment to currencies.
But dealers said gold was likely to find support around
$800 on the back of physical buying.
"Physical buying remains firm going into the festive period
and that may support gold. I guess we will still be trading in
a range of $800 to $845," said a dealer in Singapore.
India's gold markets were abuzz with pre-festival buying,
with dealers reporting a shortage in supply. India's festive
season culminates in October with Diwali, the Hindu festival of
lights. <GOL/IN>.
Silver <XAG=> inched up to $13.42/13.48 an ounce from
$13.37/13.43 an ounce late in New York. The metal, which
normally tracks gold, tumbled to $12.39 in mid-August, its
weakest since last September.
The most active Tokyo gold contract for June 2009 delivery
<0#JAU:> on the Tokyo Commodity Exchange ended the morning
session 10 yen per gram lower at 2,906 yen.
Spot platinum <XPT=> firmed to $1,425.50/1,445.50 an ounce
from $1,420/1,440 late in New York. Spot palladium <XPD=>
inched up to $288.00/296.00 an ounce from $285.00/293.00 an
ounce.
Gold futures for December delivery <GCZ8> on the COMEX
division of the New York Mercantile Exchange added $1.1 an
ounce to $826.80.
Precious metals prices at 0235 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 821.15 0.05 +0.01 -1.39
Spot Silver 13.42 -0.03 -0.22 -9.14
Spot Platinum 1425.50 2.50 +0.18 -6.22
Spot Palladium 288.00 3.00 +1.05 -21.74
TOCOM Gold 2906.00 -10.00 -0.34 -5.03
14309
TOCOM Platinum 5016.00 79.00 +1.60 -6.05
12375
TOCOM Silver 477.50 3.50 +0.74 -11.74
263
TOCOM Palladium 1047.00 6.00 +0.58 -22.50
286
Euro/Dollar 1.4720
Dollar/Yen 109.42
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Michael Urquhart)
