* Gold slips after biggest daily gain in 3 weeks
* Nikkei down 0.8 pct, dragging gold prices down
* Oil up to above $43 a barrel
(Updates prices)
SINGAPORE, Dec 11 (Reuters) - Gold edged down to around
$800 on Thursday to track weaker equities, a day after posting
its biggest daily rise in almost three weeks, but cuts in oil
output could spur safe-haven buying.
Profit-taking also erased some of gold's gains but analysts
said investors' appetite for risky assets was somewhat restored
after bullion rallied to a high of $813.10 on Wednesday, its
strongest since Dec. 1, on firm U.S. equities and oil.
Gold <XAU=> was trading at $803.05 an ounce, down $6.85
from New York's notional close on Wednesday, when it rose more
than 4 percent, its biggest daily percentage gain since Nov.
21. Gold was 18 percent above a 13-month low around $680 hit in
October.
"We've obviously seen the commodities rally again, a
generic rally. Gold is probably the most attractive of the
current commodities from an investor's standpoint," said Darren
Heathcote of Investec Australia in Sydney.
"Given that we are having relative stability in the stock
markets, I would suggest it's certainly underpinned. With the
possibility of production cuts in oil, we've got potentially
more reasons to be buying gold," he said.
Gold could find support around the 10-day moving average
around $782, said dealers, with resistance seen at around $822
-- an intraday high hit in late November.
On Wednesday, the Reuters-Jefferies CRB Index <.CRB>, a
global commodities benchmark, rose around 3 percent, after
having settled down almost 2 percent on Tuesday.
Oil <CLc1> rose further, to around $43 a barrel, on signs
that Saudi Arabia had slashed supplies substantially to major
customers for January ahead of an OPEC meeting next week that
is expected to agree to more output cuts. []
Fears of rising energy costs helped propel gold to a record
of $1,030.80 in March before it slipped after oil changed
course, and recently due to a sell-off in equities, which
forced investors to sell bullion to cover margin calls.
The Nikkei <> fell 0.8 percent on Thursday, losing
some of this week's gains on a stronger yen and on doubts
whether U.S. lawmakers would quickly approve a bailout plan for
automakers. []
The euro was hardly changed, at $1.3017 <EUR=>, after
hitting a two-week high of $1.3071. []
Platinum <XPT=> traded at $819.50 an ounce, down $2.50 from
New York notional close as it failed to sustain early gains to
$830 due to uncertainty over U.S. auto bailout package.
The House of Representatives approved bailout legislation
on Wednesday that would force U.S. automakers to restructure or
fail, sending the measure to the Senate where prospects for
passage are uncertain. []
New York gold futures <GCZ9> fell $3.3 an ounce to $805.5
in electronic trade.
Precious metals prices at 0227 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 803.05 -6.85 -0.85 -3.56
Spot Silver 10.14 -0.07 -0.69 -31.35
Spot Platinum 819.50 -2.50 -0.30 -46.09
Spot Palladium 176.50 -1.00 -0.56 -52.04
TOCOM Gold 2387.00 69.00 +2.98 -21.99
26589
TOCOM Platinum 2463.00 36.00 +1.48 -53.87
6021
TOCOM Silver 300.30 6.00 +2.04 -44.49
240
TOCOM Palladium 541.00 2.00 +0.37 -59.96
247
Euro/Dollar 1.3045
Dollar/Yen 92.40
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 Clarence Fernandez)
