* Gold seen up to $1,435/oz-technicals []
* Coming Up: U.S. employment index Nov; 1500 GMT
(Updates prices)
By Lewa Pardomuan
SINGAPORE, Dec 6 (Reuters) - Gold edged down on Monday
after rising nearly 2 percent in the previous session to above
$1,400 an ounce, but a struggling U.S. dollar that pushed
silver to its highest since early 1980 could still spur
buying from investors.
Any signs of a weaker U.S. economy or heightened tensions
between the two Koreas could also bolster gold.
South Korea started a nation-wide live-fire naval exercise
on Monday, despite Pyongyang's warnings against conducting the
drills in disputed waters off the west coast of the peninsula.
[]
"Looking at the relatively strong rise in gold following
the numbers on Friday, the market seems to be taking a bit of
a breather," said Darren Heathcote, head of trading at
Investec Australia in Sydney.
"We might well drift through for a short time."
Spot gold fell $2.36 an ounce to $1,411.99 by 0253
GMT, after rising as high as $1,415.36 on Friday as the dollar
tumbled following disappointing jobs data in November.
[].
Bullion hit a record high around $1,424 an ounce in
November.
Cash gold may rise further towards $1,435 an ounce
as a new labeling of its wave pattern suggests a potential
extension of the current rally, according to Reuters technical
analyst Wang Tao.
For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20100612084233.jpg
U.S. gold futures for February rose $7.1 an ounce
to at $1,413.35 an ounce.
The dollar was on the defensive on Monday after the U.S.
Federal Reserve said it was open to injecting more funds into
the economy.
Gold had seen a bit of buying related to the tension in
the Korean peninsula after North Korea's artillery attack on a
southern island last month, although investors were paying
more attention to the debt crisis in Europe and talk about
another round of U.S. quantitative easing.
Fed chairman Ben Bernanke was reported in an interview with
CBS television as not ruling out further bond purchases beyond
the $600 billion already announced. []
"I think we are watching the tensions in Korea, and
whether China will hold talks on this issue. You can say the
U.S. economy will recover only very slowly, so if there's no
change, there will be a second round of quantitative easing,"
said a dealer in Hong Kong.
"I think sentiment in gold is still bullish. We are
waiting to break a new high. We are seeing more buying from
investors than from jewellers."
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust , said its holdings slipped to 1,298.030
tonnes by Dec. 3 from 1,298.447 on Dec 2. The holdings hit a
record at 1,320.436 tonnes on June 29.
Platinum rose to its highest since Nov. 10, while
palladium held near its highest level since early 2001
despite reports that China will not extend tax incentives for
small cars next year. []
Both metals are mainly used in auto catalysts.
Precious metals prices at 0453 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1411.99 -2.36 -0.17 28.87
Spot Silver 29.79 0.43 +1.46 77.01
Spot Platinum 1728.24 2.74 +0.16 17.81
Spot Palladium 771.50 13.10 +1.73 90.26
TOCOM Gold 3775.00 27.00 +0.72 15.83 43645
TOCOM Platinum 4664.00 9.00 +0.19 6.46 10571
TOCOM Silver 79.80 2.40 +3.10 54.35 1898
TOCOM Palladium 2065.00 16.00 +0.78 77.25 1082
Euro/Dollar 1.3346
Dollar/Yen 82.97
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Michael Urquhart)
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