PRECIOUS-Gold holds gains as Ireland worry eases

                                
 * Eyes on China, possible rate hike partly priced in	
                                
 * Gold to fall towards $1,310-technicals[ID:nSGE6AI03K]	
                                
 * Coming up: Fed Chairman Bernanke speaks; 1015 GMT	
                                
    	
                                
 By Rujun Shen	
                                
 SINGAPORE, Nov 19 (Reuters) - Gold prices steadied on 
Friday, holding onto gains from the previous session, as a 
cure is seen imminent for Ireland's debt crisis, which helped 
boost the euro.	
                                
 Ireland insisted on Thursday its low rate of corporation 
tax 	
was "non-negotiable" as it discusses an aid package worth tens 
of billions of euros from European partners and the IMF for its 	
shattered banks.[ID:nLDE6AH0HV]	
                                
 Spot gold was little changed at $1,352.94 an ounce 
by 	
0341 GMT, on course for a 0.8-percent weekly decline.    	
                                
 U.S. gold futures was trading at $1,352.6.	
                                
 Investors are closely watching China's monetary policy 	
maneuver, after talks of an imminent rate hike have been 	
circulating and caused sell-off in commodities earlier in the 	
week.	
                                
 Another rate hike might cause downward pressure on 	
commodities, but the impact isn't likely to be profound as the 	
anticipation has been building and partly priced in, analysts 
and traders said.	
                                
 "I think a rate hike, if materialized over the weekend, is 	
likely to exert a bit of volatility for commodities, including 	
precious metals," said Yingxi Yu, an analyst at Barclays 
Capital.	
                                
 "But fundamentally it doesn't change our views that China 	
will continue to grow at a robust pace. It doesn't change our 	
view that fundamental demand for commodities from China is not 	
going to be severely affected by a rate hike."	
                                
 China's government has pledged to tame inflation, China's 	
consumer inflation reading hit a 25-month peak in October. For 
a 	
factbox on China's inflation, click: [ID:nTOE6AH02A]	
                                
 Spot gold is expected to drop towards $1,310 as the 	
downtrend is still short of a wave "e" development, said Wang 	
Tao, a Reuters market analyst. [ID:nSGE6AI03K]	
                                
 For a graphic showing the 24-hour gold technical outlook, 	
see: http://graphics.thomsonreuters.com/WT/20101911102335.jpg	
                                
 In comments prepared for delivery to a conference the 	
European Central Bank later in the day, Federal Reserve 
Chairman 	
Ben Bernanke gave a full-throated defense against criticism the 	
U.S. central bank's controversial bond-buying program is 
debasing the dollar, saying a vigorous U.S. recovery is 
central to global economic health.[ID:nWALIME6SR]	
                                
 Physical buying has been strong in the region after prices 	
dropped nearly seven percent from its all-time high of 
$1,424.10 	
hit on Nov 9 to a hair below $1,330 on Nov 16.	
                                
 "We saw buying interest below $1,350 in the region, as 
people are betting on price rise to $1,500 next year," said a 
Hong Kong-based dealer.	
                                
 Spot silver gained 0.3 percent to $26.99, headed 
for a weekly rise of 3.8 percent.	
                                
 Spot platinum fell 0.9 percent to $1,647.74, down 
1.9 	
percent on the week.	
                                
 Prominent commodities investor and hedge fund manager 
Dwight 	
Anderson said Thursday platinum output has possibly peaked as 
the precious metal gets harder to mine, and prices are likely 
to rise to record highs.[ID:nN1899807]	
                                
 But platinum has lagged behind other precious metals, 
posting a 12-percent year-to-date rise, compared to a 
70-percent jump in palladium.	
                                
 	
                                
 Precious metals prices at 0341 GMT	
Metal             Last    Change  Pct chg  YTD pctchg Turnover	
Spot Gold        1352.94    0.29   +0.02     23.48              	
Spot Silver        26.99    0.07   +0.26     60.37              	
Spot Platinum    1647.74  -14.26   -0.86     12.32              	
Spot Palladium    690.47   -3.25   -0.47     70.28              	
TOCOM Gold       3640.00    9.00   +0.25     11.69      43846 	
TOCOM Platinum   4466.00   -5.00   -0.11      1.94      10547 	
TOCOM Silver       72.80    2.20   +3.12     40.81       2604 	
TOCOM Palladium  1850.00   38.00   +2.10     58.80        799 	
 Euro/Dollar       1.3630                                       
 	
 Dollar/Yen         83.44	
	
                                
 TOCOM prices in yen per gram. Spot prices in $ per ounce.	
                                
 	
                                
 (Reporting by Rujun Shen; Editing by Ed Lane)	
                                
 
                                
 
                                
 
                                
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