* Gold gains, silver steady; PGMs off highs
* For the technicals on gold; click []
* Coming Up: U.S. Initial job claims; 1230 GMT
(Updates prices)
By Lewa Pardomuan
SINGAPORE, June 17 (Reuters) - Gold firmed to near a
one-week high on Thursday as the euro struggled to sustain
gains and shares slipped on uncertainty over the pace of
economic recovery in the United States.
Japanese shares edged down on Thursday after mixed U.S.
data underscored an uneven economic recovery, and a euro rally
stalled below two-week highs, with most investors on the
sidelines ahead of a raft of bond auctions in the euro zone
area. []
Bullion remains the darling of some investors. But the
metal will have to crack strong resistance around $1,250 an
ounce to surpass last week's record just above that level.
Nearly a week of steady holdings of bullion in the world's
largest gold exchange traded fund suggest investors are waiting
for cues from other markets. []
Spot gold <XAU=> was at $1,233.25 an ounce by 0447 GMT, up
$3.65 from New York's notional close on Wednesday, when it rose
to its highest in a week around at $1,237.65 before speculators
booked profits. Gold hit a lifetime high of $1,251.20 last
week.
For a graphic showing the gold technical outlook, see:
http://graphics.thomsonreuters.com/gfx/WT_20101706085612.jpg
"Even though some of the apprehension about Europe's fiscal
issues and so on has faded, I believe there's still a core of
investors that are concerned about that," said David Moore,
commodity strategist at Commonwealth Bank of Australia in
Sydney.
"But I think the gold price has risen so much. At these
very high levels, you're getting a lot of caution," said Moore.
U.S. gold futures for August delivery <GCQ0> added $4.6 an
ounce to $1,235.1, having also hit a one-week high on
Wednesday.
Cash gold and U.S. bullion futures had rallied to record
highs after investors ditched the euro and shares on fears the
euro debt crisis would spread and the U.S. economy may be
slowing.
A Reuters poll published on Wednesday showed a continuing
divergence in the expected rate of recovery among the world's
richest nations, with Europe's debt crisis continuing to hamper
economies across the continent. []
"We expect gold to continue outperforming its peers, as the
price will be supported by sovereign risk and related safe
haven demand," BNP Paribas said in a report.
Silver <XAG=> was barely changed, while platinum <XPT=>
edged up but was still below a four-week high hit the previous
day, and sister metal palladium <XPD=> rose to its strongest in
a month before slipping.
While gold managed a record high last week, the other three
precious metals have still not managed to breach highs hit in
early 2008.
"I feel that platinum and palladium have been following the
equity markets because of their industrial use. Some people
must be liquidating their positions today because of weaker
equities," said a physical dealer in Tokyo.
Oil retreated by 0.8 percent towards $77 on Thursday,
slipping from its highest since early May, as the pace of
demand growth was questioned following mixed economic and
inventory data from top consumer the United States. []
Precious metals prices at 0447 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1233.25 3.65 +0.30 12.55
Spot Silver 18.41 0.01 +0.05 9.39
Spot Platinum 1567.75 1.25 +0.08 6.87
Spot Palladium 468.25 -2.75 -0.58 15.47
TOCOM Gold 3631.00 -10.00 -0.27 11.41
23083
TOCOM Platinum 4647.00 -38.00 -0.81 6.07
10761
TOCOM Silver 54.50 -0.70 -1.27 5.42
253
TOCOM Palladium 1384.00 -18.00 -1.28 18.80
180
Euro/Dollar 1.2264
Dollar/Yen 91.29
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Michael Urquhart)
