* Silver hits new 2-1/2-year high
* Platinium hits highest since late June
* Gold may peak around $1,300 -technicals []
* Coming up: U.S. industrial output Aug; 1315 GMT
(Updates prices)
By Rujun Shen
SINGAPORE, Sept 15 (Reuters) - Spot gold was steady after
surging to a record in the previous session, and more upside is
likely as investors remain nervous about the global economic
recovery.
Spot gold <XAU=> edged down 0.1 percent to $1,268.5 an
ounce by 0610 GMT, after having surged more than 2 percent to a
record $1,274.75 an ounce in the previous session, its biggest
one-day gain in four months.
"Reaching $1,300 is just a matter of time. The most
important factors are zero interest rates and that the world
economy outside Asia still seems unstable," said a Hong
Kong-based dealer. "These are all positive signs for gold."
U.S. short-term rates remained steady at low levels on
Tuesday, anchored by the Federal Reserve's determination to
keep rates down, likely making gold attractive as an
investment. []
Still, the latest data from the U.S. helped ease fears of a
double-dip recession by showing August retail sales posted
their largest gain in five months. []
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P>, said its holdings rose to 1,298.698 tonnes
by Sept 14 from 1,292.619 tonnes by Sept 13. The holdings hit a
record at 1,320.436 tonnes on June 29. []
Technical analysis showed spot gold may form a peak around
$1,300 per ounce or rally more explosively over the next four
weeks, as per its wave pattern, said Wang Tao, a Reuters market
analyst. []
For a four-week technical outlook on gold, see:
http://graphics.thomsonreuters.com/WT/20101509093951.jpg
The dollar jumped from a 15-year low after Japan intervened
in the market for the first time in six years by selling the
yen to stem a rise in the currency that is threatening a
fragile economic recovery. []
"The market is still on the upside. There's some buying
interest from the option-related business. For the physical
side, we see some buying interest from China," said Peter Fung,
head of the dealing department of Wing Fung Precious Metals in
Hong Kong.
"We are seeing mixed interests at the $1,268 to $1,270
level. There is some bargain-hunting here. From here, the
market is looking at the $1,280 to $1,290 level."
On the Shanghai Gold Exchange, spot gold <XAU9999=SGEX> hit
an intra-day high of 276.17 yuan a gram, just a notch lower
than the all time high of 276.99 yuan.
The most-active gold contract for December delivery on the
Shanghai Futures Exchange <SHAUZ0> stood at 276.1 yuan.
"Worries over inflation are a major factor pushing up gold
prices. In addition, there is the seasonal boost in demand from
countries including China and India," said Zhu Yilin, general
manager of the research and development department of Jingyi
Futures in Shanghai.
Spot silver <XAG=> rose to $20.52 an ounce, the highest in
two and a half years, before easing to $20.46 an ounce.
Platinum <XPT=> hit $1,601.5 an ounce, the highest since
June 21, before softening to $1,588, up 0.1 percent from the
previous close.
Palladium <XPD=> was down 1 percent to $541.8, after having
hit $553, the highest since end-April.
Precious metals prices at 0610 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1268.50 -1.77 -0.14 15.77
Spot Silver 20.46 0.06 +0.29 21.57
Spot Platinum 1588.00 1.70 +0.11 8.25
Spot Palladium 541.80 -5.95 -1.09 33.61
TOCOM Gold 3468.00 99.00 +2.94 6.41
102209
TOCOM Platinum 4352.00 124.00 +2.93 -0.66
33522
TOCOM Silver 56.00 1.50 +2.75 8.32
1041
TOCOM Palladium 1482.00 36.00 +2.49 27.21
881
Euro/Dollar 1.2982
Dollar/Yen 84.83
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Manash Goswami)
