RPT-PRECIOUS-Gold strikes record as U.S. dollar suffers

                                
 (Repeats to more subscribers)
                                
 * Gold powers to another record on falling dollar
                                
 * SPDR holdings unchanged, net long U.S. gold positions
slip
                                
 By Lewa Pardomuan
                                
 SINGAPORE, Nov 9 (Reuters) - Gold powered to another record
high on Monday on safe-haven buying as the U.S. dollar slipped
and after a weaker-than-expected U.S. unemployment rate revived
worries about the health of the global economy.
                                
 Gold has gained more than 25 percent in 2009, driven by
persistent weakness in the U.S. currency that has lost more
than 6 percent versus the euro so far this year, and recently
by the failure of a meeting of the Group of 20 finance
officials to talk more specifically about the dollar's decline.
[ID:nLQ516726].
                                
 As expectations rise that central banks across the globe
might look to buy gold to diversify their reserves, analysts
say that there could be more upside for the precious metal.
                                
 "The fundamental outlook for gold remains favourable,"
Credit Suisse said in a research report.
                                
 Cash gold <XAU=> hit a high of $1,104.80 an ounce,
surpassing Friday's lifetime high of $1,100.90, with a jump in
oil prices and India's recent purchase of IMF gold adding to
the bullish sentiment.
                                
 U.S. December gold futures <GCZ9> jumped as high as
$1,105.4 an ounce to another lifetime high.
                                
 For a graphic on gold's movements against the dollar and
Dow Jones Industrial Average, click on the link:
                                
 http://graphics.thomsonreuters.com/119/GLD_DLDJOL1109.gif
                                
 "When you look at the RSI on a 14-day basis, it's still in
a positive story because it's not overly bought. So, there's
potential for further upside," said Mark Pervan, ANZ's senior
commodities analyst.
                                
 "It could move up quite strongly as we haven't any key
resistance level in place," he added.
                                
 The dollar index slipped 0.23 percent <.DXY> <=USD> to
75.646, while the euro <EUR=> edged up to $1.4870, with a
statement from the IMF that the dollar remained on the "strong
side" despite a recent sell-off spurring another bout of
selling in Asia. [USD/]
                                
 UPTREND INTACT
                                
 U.S. employers cut 190,000 jobs in October, greater than
the 175,000 fewer jobs forecast, and the unemployment rate rose
to 10.2 percent, a 26-1/2-year high that was above average
forecasts of a 9.9 percent rate. [ID:nN06178752] and
[ID:nN06177960]
                                
 "We are in uncharted territory," said Darren Heathcote,
head of trading at Investec Australia in Sydney.
                                
 "The trend is still intact. We're still looking at a
positive gold market. (There) doesn't seem to be any particular
reason to be selling. I think we are going to be looking for
more economic data to decide where we go from here."
                                
 In addition to weakness in the dollar, news that the
International Monetary Fund had sold 200 tonnes of gold to the
Reserve Bank of India for $6.7 billion was also a trigger in
bullion's rise. [ID:nSP375900]
                                
 Japan's foreign reserves rose to a record high for the
third straight month in October partly as rising gold prices
inflated the value of its gold holdings, the Ministry of
Finance said on Monday. [ID:nT356250]
                                
 "I don't think there's physical buying but sentiment is
still bullish because of a strong euro against the dollar and
also firm crude oil prices," said a dealer in Hong Kong, adding
that the market saw buying interest from speculators in the
United States, Japan and other parts of Asia.
                                
 The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,108.344 tonnes
as of Nov. 6, unchanged from the previous business day.
[GOL/SPDR]     Noncommercial net long U.S. gold futures
positions fell 0.2 percent to 241,319 lots in the week to Nov.
3 from 241,777, a weekly report by the U.S. Commodity Futures
Trading Commission showed. [ID:nN06206760]
                                
 Oil prices rose $1 to $78.43 a barrel on Monday, as
Hurricane Ida roared through the Gulf of Mexico, where
important oil fields are located, and on the back of the
falling dollar. [O/R]
                                
PRICES
                                
Precious metals at 0444 GMT
 Metal         Last      Change  Pct chg  Day ago pct  MA 30
RSI  Spot gold    $1103.95    $7.65  +0.70%   +23.07%   $860.10
  77
 Spot silver    $17.65    $0.27  +1.55%   +47.33%     $11.29 
59
 Spot plat    $1357.50   $15.00  +1.12%    +1.12%   $1335.55 
51
 TOCOM gold      3,209       51  +1.61%    +5.59%      3,042 
66
 TOCOM plat      3,945        3  +0.08%    +2.90%      3,872 
47
 Currencies                                               
Euro/dlr       $1.493   $0.016  +1.10%    +1.47%
 Dlr/yen         90.06    -0.27  -0.30%    +0.48%
 (Editing by Sambit Mohanty)