PRECIOUS-Gold bounces from lows, jewellers buy

                                
 * Gold off lows, physicals buy on dips
                                
 * Technicals point downward to $1,329.45[ID:nL3E6MT02X]
                                
 * Coming Up: EZ economic sentiment Nov; 1000 GMT

 (Updates prices)	
                                
 By Lewa Pardomuan	
                                
 SINGAPORE, Nov 29 (Reuters) - Gold rebounded on Monday 
after an early drop spurred buying from jewellers in Asia, but 
further gains could be limited by a rally in the U.S. dollar 
amid persistent euro zone debt concerns.	
                                
 Investors also closely watched an escalating tension in 
the Korean peninsula, although dealers said there were no 
signs of buying related to the crisis sparked by North Korea's 
artillery attack on a South Korean island. [ID:nTOE6AR029]	
                                
 Spot gold added 73 cents to $1,362.46 an ounce by 
0628 GMT, having hit an intraday low at around $1,353 -- not 
far from a low around $1,350 seen last week. Bullion was below 
a lifetime high around $1,424 struck in early November.	
                                
 According to a Reuters market analyst, Wang Tao, spot gold 
may extend its fall towards $1,329.45 per ounce as a big 
downward wave "C" is progressing. 
                                
 For a 24-hour technical outlook on gold, see:  	
 http://graphics.thomsonreuters.com/WT/20102911100027.jpg  	
                                
 "For today, I would look at support for gold at about 
$1,350. However, I think if we see a breach of this level, 
then we could see gold retreating further," said Ong Yi Ling, 
investment analyst at Phillip Futures in Singapore.	
                                
 "For the week ahead, I will also expect gold prices to 
pare some of its gains that was accumulated earlier last week. 
Currently the gold and the dollar is having a pretty strong 
inverse relationship." 	
                                
 U.S. gold futures hardly moved at $1,362.1 an ounce.	
                                
 The euro slipped to its lowest in two months against the 
dollar as the market looked past a rescue package for Ireland 
to other euro zone economies and a euro zone crisis resolution 
mechanism. 
                                
 EU finance ministers endorsed an 85 billion-euro ($115 
billion) loan package to help Dublin cover bad bank debts and 
bridge a huge budget deficit, and approved outlines of a 
permanent crisis-resolution system which could make private 
bond holders share the burden of restructuring sovereign debt 
bought after 2013. [ID:nLDE6AR0MC] 	
                                
 "The dollar is so strong, but we see buying on the 
physical side when trading started in Asia. That helps the 
market a bit. Some Chinese guys may be buying a bit," a dealer 
in Hong Kong said. 	
                                
 "I would think $1,350 is a good support for gold, but I 
don't think we will go down too much even if we break that 
level."	
                                
 Silver also bounced on firmer gold while platinum 
 palladium barely moved.	
                                
 The world's largest silver-backed exchange-traded fund, 
iShares Silver Trust , said its holdings slipped to 
10,711.23 tonnes by Nov. 26 from an all-time high of 10,893.68 
tonnes by Nov 23. [ID:nL3E6MO0M5] 	
                                
 In other markets, the Nikkei hit a five-month closing high 
as the yen softened against the dollar, while oil rose past 
$84 after the Irish deal. [.T[ 
                                
 	
  Precious metals prices at 0628 GMT                                 
  Metal             Last    Change  Pct chg  YTD pct chg  Turnover   
  Spot Gold        1362.46    0.73   +0.05     24.35                 
  Spot Silver        26.80    0.14   +0.53     59.24                 
  Spot Platinum    1646.24    1.24   +0.08     12.22                 
  Spot Palladium    674.75    0.75   +0.11     66.40                 
  TOCOM Gold       3693.00   -7.00   -0.19     13.32        51010    
  TOCOM Platinum   4496.00   27.00   +0.60      2.62        10811    
  TOCOM Silver       72.70   -1.10   -1.49     40.62         2072    
  TOCOM Palladium  1828.00  -26.00   -1.40     56.91          888    
  Euro/Dollar       1.3242                                           
  Dollar/Yen         84.07                                           
                                
                                                                  
  TOCOM prices in yen per gram. Spot prices in $ per ounce.          
 (Editing by Himani Sarkar) 	
 
                                
 	
 
                                
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