* Vietnam grants more gold import quotes
* U.S. markets closed for Thanksgiving holiday
(Updates prices, adds activity in Japan)
By Lewa Pardomuan
SINGAPORE, Nov 25 (Reuters) - Gold edged down in thin
trade on Thursday after encouraging U.S. jobless claims data
calmed some worries about economic growth, but concerns over
tensions on the Korean peninsula could offer some support.
Bullion barely reacted to news that Vietnam's central bank
had granted additional quotas for domestic companies to import
gold between now and the year end, but dealers noted buying on
dips from consumers in Hong Kong and Southeast Asia.
[]
Spot gold eased $1.56 to $1,372.15 an ounce by 0640
GMT - well below a lifetime high around $1,424 struck in early
November. It had hit an intraday low around $1,367 an ounce.
U.S. gold futures fell $1.2 to $1,371.8 an ounce.
U.S. markets are shut on Thursday for the Thanksgiving
holiday.
"I would say sentiment is still bullish. The conflict
between North and South Korea is not going be solved within a
short period of time," said Ronald Leung, director of Lee
Cheong Gold Dealers in Hong Kong.
"It will take a bit of time. There may be more buying at
below $1,370."
South Korea said on Thursday it would increase troops on
islands near North Korea with Pyongyang, warning it would
follow its bombardment earlier in the week with more attacks
if its wealthy neighbour tried any "provocations".
[]
The United States says it believes North Korea's actions
were an isolated act tied to leadership changes in Pyongyang,
and many experts say the North carried out the shelling to
burnish the image of the inexperienced and little-known
younger Kim.
In the currency market, the euro struggled near a
two-month low as the euro zone debt crisis showed signs of
spilling over from Ireland to other euro zone members even
after Ireland unveiled an ambitious austerity plan.
But in the United States, initial jobless benefits claims
fell to their lowest level in more than two years last week
while consumer spending rose for a fourth straight month in
October, fueling hopes the economic recovery is strengthening.
[]
"I would say there's a mixed bag of trading today. We see
sales of scrap but at the same time, there's also physical
buying. Honestly, consumers don't want to get short. Each
time, they will just buy on dips," said a dealer in Singapore.
"But the U.S. holiday deters people from doing much.
There's some light buying from Indonesia and we did see buying
from India yesterday," said the dealer.
The gold market in India, top consumer of the metal, is
still in the midst of its busy season after the Dhanteras and
Diwali festivals earlier this month as many weddings are to
take place till December, spurring at least some demand for
the metal that plays an important role in social functions.
Tokyo gold futures <O#JAU:> were mostly steady, with no
signs of panic buying among Japanese investors despite
tensions in neighbouring Korea.
"The Japanese don't seem to show interest in buying gold
as a safe haven, although our neighbours are involved in a
serious conflict," said a physical dealer in Tokyo. "Maybe the
Japanese are optimistic it could be resolved."
Oil edged lower on Thursday, after rising more than 3
percent a day earlier on strong U.S. macro-economic data, as
concerns about European debt lingered.
Precious metals prices at 0640 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1372.15 -1.56 -0.11 25.23
Spot Silver 27.44 -0.11 -0.40 63.04
Spot Platinum 1653.24 -6.75 -0.41 12.70
Spot Palladium 689.75 -4.75 -0.68 70.10
TOCOM Gold 3690.00 3.00 +0.08 13.22 49039
TOCOM Platinum 4484.00 5.00 +0.11 2.35 9565
TOCOM Silver 73.80 -0.10 -0.14 42.75 916
TOCOM Palladium 1856.00 -13.00 -0.70 59.31 512
Euro/Dollar 1.3323
Dollar/Yen 83.46
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Himani Sarkar)
Reuters Terminal users can see related news and prices by
double clicking on the codes in brackets:
- All precious metals headlines
- Precious metals market reports
- Daily fixing headlines
- Technical analysis
- Indian gold reports
- European gold prices <0#PREC>
- London interbank gold forward rates <0#GOFO=>
- London silver forwards
- Gold lease rates <0#LGLR=>
- London Bullion Market Association
- New York Comex gold <0#GC:> and silver <0#SI:>
- New York platinum <0#PL:> and palladium <0#PA:>
- Asian gold prices <0#PREC>
- Australian precious metals prices <0#AUPREC=>
- Shanghai Gold Exchange prices
- Hong Kong gold exchange prices
- Hong Kong bullion prices
- Indian bullion prices <0#PREC-IN>
- Japanese producer prices
For Related News and other topics, double click on one of these
codes:
SPEED GUIDES
