* Platinum, palladium return to positive territory
* Gold rangebound, biased to rise - technicals
[]
* Coming up: U.S. Chicago Midwest, November; 1700 GMT
(Adds comment, details; updates prices)
By Rujun Shen
SINGAPORE, Dec 27 (Reuters) - Spot gold regained some
ground and platinum group metals returned to positive
territory, as bargain hunting lent support, after prices lost
about one percent in early trade in response to China's
interest rate increase on Saturday.
Spot gold fell to a one-week low of $1,371.1,
before recovering to $1,379.35 an ounce by 0148 GMT, down 0.4
percent from the previous close.
U.S. gold futures pulled back from a 0.4-percent
decline to $1,379.9, little changed from the previous close.
"Earlier speculators were selling on China's rate hike
news, but a lot of buying has since emerged as speculators are
buying on dip," said a Tokyo-based dealer.
Spot gold is technically neutral as it is rangebound
between $1,360 and $1,392 per ounce, but the bias seems to be
with the bulls, Reuters market analyst Wang Tao said.
For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20102712093133.jpg
Spot silver fell as much as 1.6 percent to a
one-week low of $28.75 an ounce, and recovered to $29.04 an
ounce.
Spot platinum gained 0.4 percent to $1,728.49 an
ounce, and palladium rose by 0.7 percent to $758.47,
both reversing early losses.
China's central bank raised interest rates on Saturday for
the second time in just over two months as it stepped up its
battle to rein in stubbornly high inflation. []
"Some speculators liquidated their positions earlier, but
we also see very good physical demand in the market today,"
said Peter Fung, head of dealing department at Wing Fung
Precious
Metals in Hong Kong.
Fung expected the rate hike to pressure gold prices in the
short term, but physical buying is expected to emerge once
prices dip below $1,370.
"Gold is likely to be traded in the range of $1,360 to
$1,390. In the medium-term, gold is still looking up," Fung
said.
Thin trade at the year-end tends to exaggerate price
moves, traders also said.
The dollar edged up against a basket of currencies on
Monday.
PRICES
Precious metals prices at 0148 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1379.35 -4.90 -0.35 25.89
Spot Silver 29.04 -0.17 -0.58 72.55
Spot Platinum 1728.49 5.99 +0.35 17.82
Spot Palladium 758.47 5.47 +0.73 87.05
TOCOM Gold 3692.00 -16.00 -0.43 13.29 26358
TOCOM Platinum 4674.00 -9.00 -0.19 6.69 9287
TOCOM Silver 77.80 -0.50 -0.64 50.48 913
TOCOM Palladium 2047.00 12.00 +0.59 75.71 415
Euro/Dollar 1.3099
Dollar/Yen 82.92
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Himani Sarkar)
Reuters Terminal users can
see related news and prices by
double clicking on the
codes in brackets:
- All precious metals headlines
- Precious metals market reports
- Daily fixing
headlines
- Technical analysis
-
Indian gold reports
- European gold prices
<0#PREC>
- London interbank gold
forward rates <0#GOFO=>
- London silver forwards
- Gold lease rates <0#LGLR=>
-
London Bullion Market Association
- New York
Comex gold <0#GC:> and silver <0#SI:>
- New York
platinum <0#PL:> and palladium <0#PA:>
- Asian
gold prices <0#PREC>
- Australian
precious metals prices <0#AUPREC=>
- Shanghai Gold Exchange prices
-
Hong Kong gold exchange prices
- Hong
Kong bullion prices
- Indian bullion
prices <0#PREC-IN>
- Japanese producer prices
For Related News and other topics,
double click on one of
these
codes: SPEED GUIDES
))
