* Gold-silver ratio near 46-month low
* Spot gold to rise to $1,410 -technicals []
* Coming up: U.S. consumer confidence, Dec; 1500 GMT
(Adds comments, details; updates prices)
By Rujun Shen
SINGAPORE, Dec 28 (Reuters) - Spot gold prices firmed on
Tuesday as it was supported by a weaker dollar and buying
interest in Asia, while investors hoped for a further rally in
prices next year.
Spot gold gained 0.4 percent to $1,389.7 an ounce
by 0251 GMT. U.S. gold futures climbed 0.6 percent to
$1,390.7.
The euro rose sharply as bears were forced to abandon
their bets on Tuesday while the dollar came under broad
selling pressure, hitting a three-week low against the yen and
a seven-week low against the Australian dollar.
"Gold is riding high on its own, but with the euro/dollar
bid, it's even better," said a Singapore-based trader. "Asians
have been non-stop buyers, and want to load up when gold is
some 40 bucks off the all-time highs."
Spot gold is biased to rise to $1,410 per ounce as
an upward wave "c" is unfolding towards an eventual target at
$1,430, said Wang Tao, a Reuters market analyst. []
For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20102812091704.jpg
Traders and analysts expected the rally in gold prices to
continue in 2011, after the bullion gained 27 percent this
year, on course for its strongest year since 2007.
"In the last week of the year we'll likely see gold
range-bound between $1,375 and $1,400. Next year, we could see
the gold rally continue, supported by factors such as the
sovereign debt crisis in the euro zone," said Ong Yi Ling, an
analyst at Phillip Futures.
Ong expected gold prices to rise to $1,550 or $1,600 in
2011.
Spot silver rose 0.6 percent to $29.43 an ounce, up
75 percent so far this year.
The gold-silver ratio, used to measure how many ounces of
silver is used to buy an ounce of gold, dropped to 47.2, near
its 46-month low of 47.1 hit last week.
The ratio has been on a steady decline since August this
year, when silver started its spectacular rally. Spot prices
had risen by 68 percent in the past five months, compared to a
19-percent ascent in gold over the same period.
For a graphic on the gold-silver ratio, click:
http://graphics.thomsonreuters.com/AS/0810/RJS_20102812104912.jp
g
"We saw some selling in silver from the Chinese this
morning when prices were on the rise," said a Singapore-based
dealer, adding that silver premiums in Singapore stood at 40
to 70 cents per ounce above London prices.
Precious metals prices at 0251 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1389.70 6.10 +0.44 26.83
Spot Silver 29.43 0.17 +0.58 74.87
Spot Platinum 1741.00 9.50 +0.55 18.68
Spot Palladium 767.72 1.22 +0.16 89.33
TOCOM Gold 3706.00 6.00 +0.16 13.72 17216
TOCOM Platinum 4694.00 18.00 +0.38 7.14 7330
TOCOM Silver 78.50 0.30 +0.38 51.84 796
TOCOM Palladium 2067.00 26.00 +1.27 77.42 341
Euro/Dollar 1.3223
Dollar/Yen 82.60
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Himani Sarkar)
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