* Gold climbs further on oil but resistance levels intact
* Oil firms above $118 on supply fears
* Investors await second-quarter U.S. GDP data
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, Aug 28 (Reuters) - Gold rose further on Thursday
on safe-haven buying as oil continued its ascent and on a
sliding dollar, but it would have to crack key resistance
levels to sustain the uptrend.
"Gold is still capped by the big resistance at $837, and
above at $846. I don't think much would happen ahead of the
U.S. long holiday weekend," said Peter Tse, a dealer at Scotia
Mocatta in Hong Kong, referring to Monday's Labor Day holiday.
Physical buying ahead of the festive season in Asia has
helped gold rebound more than 7 percent since tumbling to
nine-month lows around $773 an ounce in mid-August.
Gold <XAU=> firmed to $831.30/832.30 an ounce from
$826.05/827.45 an ounce late in New York on Wednesday, when it
gained more than $3 an ounce.
Oil <CLc1> rose for afourth straight session to stay above
$118 a barrel on Thursday on concerns Tropical Storm Gustav
will intensify into amajor hurricane as it moves towards energy
facilities in the Gulfof Mexico. []
"Perhaps oil could lead gold higher here, and on the oil
side, I think Gustav is something we should watch. For the
dollar, we will probably have to focus on tonight's U.S. GDP
data for direction," said Adrian Koh, an analyst at Phillip
Futures in Singapore.
The euro edged up to $1.4781 <EUR=>, recovering from a
six-month low of $1.4570 hit on Tuesday, after comments by a
European Central Bank official the previous day scaled back
speculation about an ECB rate cut. []
The U.S. economy probably performed much better in the
second quarter than previously thought, as improvement in the
trade balance combined with government stimulus to buoy growth,
a Reuters poll showed. []
Spot platinum <XPT=> rose to $1,436.00/1,456.00 an ounce
from $1,434.00/1,454.00 late in New York.
Higher gold prices spurred speculative buying in platinum
but investors remained cautious after the metal sank to an
11-month low around $1,296 last week. Automakers were also on
the sidelines.
"Platinum seems to be edging higher, but I don't think we
are clearly out of the downside yet," said Koh of Phillip
Futures.
"If platinum can clear the $1,450 level and perhaps make a
move to the $1,500 level, then that scenario may change a
little."
The bulk of the world's platinum is used by automakers in
autocatalyst systems that scrub exhaust fumes of dangerous and
environmentally damaging chemicals. Platinum prices are well
below a lifetime high of $2,290 hit in early March.
Spot palladium <XPD=> inched down to $287.50/295.50 an
ounce from $288.50/296.50 an ounce. Silver <XAG=> firmed to
$13.60/13.66 an ounce from $13.49/13.55 an ounce late in New
York.
The new benchmark contract on the Tokyo Commodity Exchange,
August 2009 <JAUc6>, rose 14 yen per gram to 2,944 yen per
gram.
New York gold futures <GCZ8> added $3.2 an ounce to
$837.20.
Precious metals prices at 0349 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 832.35 6.45 +0.78 -0.04
Spot Silver 13.60 0.17 +1.27 -7.92
Spot Platinum 1437.00 3.50 +0.24 -5.46
Spot Palladium 287.50 -1.00 -0.35 -21.88
TOCOM Gold 2945.00 15.00 +0.51 -3.76
15026
TOCOM Platinum 5047.00 47.00 +0.94 -5.47
8900
TOCOM Silver 483.70 -1.90 -0.39 -10.59
671
TOCOM Palladium 1043.00 -5.00 -0.48 -22.80
348
Euro/Dollar 1.4784
Dollar/Yen 109.22
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Michael Urquhart)
