* Dip below $1,100 would spark bargain hunting - analyst
* iShares Silver Trust <SLV> holdings hit record
* SPDR Gold Trust <GLD> holdings steady
(Updates prices)
By Miho Yoshikawa
TOKYO, Nov 13 (Reuters) - Gold steadied above $1,100 an ounce
on Friday after retreating from a record high the previous day,
hit by a recovery in the dollar.
Bullion has gained more than 5 percent as it marked a new
record high for six out of the eight sessions through Thursday,
touching an all-time peak of $1,122.85 on the view the dollar
would remain weak.
"Gold retreated from the record high of $1,122.85 hit early
yesterday as the dollar recovered after lower-than-expected U.S.
weekly jobless claims enhanced hopes for the recovery of the
world's largest economy," Investec Bank (Australia) Ltd said in a
report on Friday.
Spot gold <XAU=> was at $1,106.60 per ounce at 0628 GMT, up
0.3 percent from New York's notional close of $1,103.60.
It was poised to rise 1 percent this week after rising 4.9
percent last week, the biggest weekly gain since late April, amid
hopes for more central bank buying after news that the
International Monetary Fund had sold 200 tonnes of bullion to
India's central bank.
Kazuhiko Saito, chief analyst at Fujitomi Co Ltd, said a
decline in oil prices also encouraged profit-taking.
Gold often moves in line with crude, both because it can be
used as a hedge against oil-led inflation and as rising crude
prices often increase interest in commodities as an asset class.
Any decline was likely to be short-lived, however.
"I think we'll see bargain hunting once gold prices fall
below $1,100," said Saito. He said there was still a lot of
excess money trying to find a home that was flowing into
commodities markets rather than into investments.
U.S. crude futures <CLc1> remained below $77 per barrel on
Friday, after tumbling nearly 3 percent the previous day as
growing U.S. crude inventories stirred demand concerns. []
Many analysts believe gold's strength is intact as the dollar
is widely expected to remain under pressure.
U.S. gold futures for December delivery <GCZ9> were mostly
unchanged at $1,107.30 per ounce. They rose to a record high of
$1,123.40 on Thursday.
There was a revival in interest in silver with holdings in
the world's largest silver-backed exchange-traded fund hitting a
record high.
The holdings in the iShares Silver Trust <SLV> rose 183.37
tonnes, or 2.1 percent, from the previous day to an all-time high
of 8,923.52 tonnes as of Nov. 12. []
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, on the other hand, said its holdings stood at
1,114.443 tonnes as of Nov. 12, unchanged from the previous day.
[]
South Africa, previously the world's top producer and now
number three, said gold output fell 9.3 percent in volume terms
in September compared to a year earlier. []
The dollar clung to gains in Asia on Friday after another
sporadic bout of profit-taking in riskier trades that has
characterised the currency's eight-month bear trend. []
PRICES
Precious metals prices at 0622 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1107.05 3.45 +0.31 25.78
Spot Silver 17.26 0.05 +0.29 52.47
Spot Platinum 1357.00 6.50 +0.48 45.60
Spot Palladium 349.00 2.05 +0.59 89.16
TOCOM Gold 3223.00 -24.00 -0.74 25.26 56464
TOCOM Platinum 3947.00 -39.00 -0.98 48.83 9378
TOCOM Silver 502.00 -8.90 -1.74 57.22 385
TOCOM Palladium 1016.00 4.00 +0.40 84.73 384
Euro/Dollar 1.4865
Dollar/Yen 90.21
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Additional reporting by Risa Maeda; Editing by Chris Gallagher)
