* Gold tracks oil lower after OPEC delays third supply cut
* Selling from Thailand subsides but Indonesians still
active
* Nikkei falls nearly 2 percent
* Investors await U.S. data, which could set tone for
dollar
(Updates prices, adds activity in physical market)
By Lewa Pardomuan
SINGAPORE, Dec 1 (Reuters) - Gold slipped on Monday after
oil dropped more than $1 and profit-taking hit Japanese shares,
while a stream of U.S. data that could set the tone for the
dollar seems likely to discourage investors from taking large
positions.
In the physical sector, a weak rupiah currency <IDR=>
spurred selling from Indonesia, which is Southeast Asia's main
jewellery consumer, while a political crisis in neighbouring
Thailand had done little to attract safe-haven buying, dealers
said.
Gold <XAU=> was trading at $807.50 an ounce, down $5.50
from New York's notional close on Friday. Gold, which posted
its biggest monthly gain since 1999 in November, was still
below a lifetime high of $1,030.80 struck in March.
"A lot of Thais cashed in on gold because of a recent hike
in prices but selling has subsided after the closure of the
airport. The Indonesians are still very active since the rupiah
dropped to 11,000 to 12,000 against the dollar," said a
physical dealer in Singapore.
Anti-government protesters ignored a police order to end a
blockade of Bangkok's main airport, which entered its seventh
day on Monday, as the country's attention shifted to a court
case that may force the government to resign. []
Gold has bounced more than 18 percent since tumbling to a
13-month low of $680.80 an ounce late in October but a firmer
dollar and weaker oil prices capped the upside. Bullion rallied
to a six-week high of $830.10 last week before easing.
"Gold pretty much hovered around the $810-$820 levels for
most of the past week and I think we could see a much larger
and clearer direction when we break out of those regions," said
Adrian Koh, analyst at Phillip Futures in Singapore.
"I am a bit mixed on gold. Maybe the economic indicators
will play a part in that direction," he said.
Oil <CLc1> dipped more than a dollar after producer cartel
OPEC decided over the weekend to delay a third supply cut to
later in December, putting greater pressure on prices and
reducing gold's appeal as a hedge against inflation. []
The euro slipped to $1.2681 <EUR=>, which also put pressure
on gold. A raft of U.S. economic data this week, including
retail sales and the key jobs figures due on Friday, will test
the incipient recovery seen in emerging markets during the past
few days. []
Japan's Nikkei share average <> fell 2.0 percent on
Monday on fears about U.S. job data due out this week. []
Platinum <XPT=> was trading at $842.50 an ounce, down
$29.00 from New York notional close and well below a record
high of $2,290 hit in March. It rallied to a two-week high at
$874.50 on bargain hunting last week.
"From the looks of the platinum charts, we look like we've
found a bit of a ground around the $750-$850 regions. It may be
a bit early to determine whether it's a bottom or not," said
Koh of Phillip Futures.
"Not forgeting that the financial crisis is still the crux
here and the the auto industry woes are not over yet," he said.
The board of General Motors Corp <GM.N> met on Sunday to
review a restructuring plan intended to cut costs and win
support for up to $12 billion in emergency funding from the
U.S. government. []
More than 60 percent of global platinum use goes to
autocatalysts to clean exhaust fumes.
New York gold futures <GCZ9> fell $10.0 an ounce to $809.0
in electronic trade.
Precious metals prices at 0722 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 807.50 -5.50 -0.68 -3.03
Spot Silver 10.15 -0.11 -1.07 -31.28
Spot Platinum 842.50 -29.00 -3.33 -44.57
Spot Palladium 182.50 -4.00 -2.14 -50.41
TOCOM Gold 2462.00 -21.00 -0.85 -19.54
22589
TOCOM Platinum 2577.00 -45.00 -1.72 -51.73
10412
TOCOM Silver 308.70 -4.50 -1.44 -42.94
555
TOCOM Palladium 578.00 -5.00 -0.86 -57.22
376
Euro/Dollar 1.2668
Dollar/Yen 95.30
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)
