* Gold holds firm after run of record highs, nears $1,300
* Dollar rebound checks gold's gains after 5 record highs
* Gold-silver ratio remains near lowest since January
* Coming up: U.S. August durable goods data due Friday
(Recasts, updates prices, market activity to close, new
graphic)
By Frank Tang
NEW YORK, Sept 23 (Reuters) - Gold rose to near $1,300 an
ounce on Thursday, ending higher for a fourth straight day as
uninspiring U.S. jobless claims and weak euro zone data renewed
desire to buy bullion as a hedge against economic uncertainty.
Silver <XAG=> hit a 2-1/2 year high at $21.23 an ounce, a
hair below its highest since 1980, on strong investment buying.
The gold-to-silver ratio dropped to its lowest level since
January, as the white metal outperformed gold in the last 30
days. (Graphic: http://link.reuters.com/nyj25p )
Gold benefited from lackluster economic data after reports
showed new U.S. claims for jobless benefits rose unexpectedly
last week, and as Ireland's economy shrank 1.2 percent in the
second quarter. [] []
"We have a much weaker GDP report out of Ireland, and that
has put the spotlight back on euro-zone debt concerns. Gold is
benefiting as people look for a safe haven in the face of
renewed euro zone anxiety," said Peter Buchanan, senior
economist at Toronto-based CIBC World Markets.
Buchanan also cited another euro zone report showing growth
rates in the union's services and manufacturing sectors slowed
more than forecast this month as firms hired fewer new workers.
[]
Bullion hit a record high at $1,296.10 an ounce on
Wednesday as the dollar tumbled after the Federal Reserve
signaled its readiness to pump billions of dollars into the
economy through purchases of government debt, a process known
as quantitative easing.
Spot gold <XAU=> rose 0.2 percent to $1,292.15 an ounce at
3:10 p.m. EDT (1910 GMT). U.S. gold futures for December
delivery <GCZ0> settled up $4.20 at $1,296.30.
Gold's failure to make a new peak after five successive
record highs just short of the $1,300 mark prompted some
traders to ask whether the rally may be due for a pause. Spot
gold is up 3.5 percent this month and 18 percent for the year.
"Once we touch $1,300 it will probably stall there and
there will be some profit-taking, but it won't be extensive,"
said Andrey Krychenkov, an analyst at VTB Capital.
Other analysts said gold has room to rally further to its
inflation-adjusted high over $2,200 an ounce. (Graphic:
http://link.reuters.com/nym54p )
Gains were checked by a mild rebound in the U.S. dollar
against the euro on worries over Ireland. []
While the dollar's recovery kept a lid on further gains in
gold, the possibility of further U.S. monetary easing provided
support.
TECHNICAL PICTURE FIRM
On technical charts, support was evident after spot gold
cleared a trendline connecting the highs from December and
June, and resistance from a rising channel dated back to late
July coincided with the $1,300 mark. (Graphic:
http://link.reuters.com/mun25p )
At the annual gold-mining industry get-together in Denver,
Aaron Regent, the head of Barrick Gold, the world's largest
gold producer, said the same investor nervousness that has led
to record bullion prices could just as quickly bring about the
demise of the gold bulls. []
On the other hand, the CEO of Yamana Gold said gold has
room to rally further.
"When you have a massive influx of investment, and I don't
think we've seen it yet, it is the equivalent of a waterfall
coming through a garden hose," Yamana CEO Peter Marrone told
Reuters in an interview. []
Among other precious metals, silver eased but remained
supported after hitting another 2-1/2 year high overnight in
Asia. It stood at $21.09 an ounce against $21.11.
Platinum <XPT=> hit a fourth-month high at $1,645 an ounce.
It was trading at $1,640.50 an ounce against $1,627.10, while
palladium <XPD=> was at $554 against $538.25.
Prices at 3:26 p.m. EDT (1926 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US gold <GCZ0> 1296.30 4.20 0.3% 18.3%
US silver <SIZ0> 21.194 0.158 0.0% 25.8%
US platinum <PLV0> 1650.20 17.30 1.1% 12.2%
US palladium <PAZ0> 554.85 15.20 2.8% 35.7%
Gold <XAU=> 1292.10 2.50 0.2% 17.9%
Silver <XAG=> 21.12 0.01 0.0% 25.4%
Platinum <XPT=> 1640.50 13.40 0.8% 11.9%
Palladium <XPD=> 554.00 15.75 2.9% 36.6%
Gold Fix <XAUFIX=> 1290.75 -0.75 -0.1% 16.9%
Silver Fix <XAGFIX=> 21.08 0.00 0.0% 24.1%
Platinum Fix <XPTFIX=> 1631.00 1.00 0.1% 11.3%
Palladium Fix <XPDFIX=> 541.00 1.00 0.2% 34.6%
(Additional reporting by Jan Harvey in London; Editing by
David Gregorio)
