* Gold inches down on profit taking after 2 pct gain
* ETF holdings hit new record above 843 tonnes
* Nikkei down 3.4 pct, dollar up, oil steady
* Silver strikes 4-month high before slipping
(Updates prices)
SINGAPORE, Jan 30 (Reuters) - Gold edged down on Friday as
speculators booked profits after prices rallied more than 2
percent the previous day, but buying interest from investors
remained strong, with ETF holdings hitting another record.
Platinum dropped more than 1 percent on fears of falling
demand after Ford Motor Co <F.N> reported a record loss, while
silver rallied to its strongest in four months before slipping
to track weaker gold.
Gold <XAU=> was trading at $903.00 an ounce, down $3.75
from New York's notional close on Thursday, when it jumped more
than 2 percent after U.S. stocks tumbled on fears of a
worsening recession. Gold was within sight of a 3-month high of
$915.30 hit on Monday.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said it held arecord 843.59 tonnes of
gold as of Jan. 29, up 10.71 tonnes fromJan. 27, reflecting
flight-to-quality buying amid chaos in the financial sector.
[]
Volatile stock and currency markets prompted the funds to
shift their money back into gold for better returns, said
Yukuji Sonoda, precious metals analyst at Daiichi Commodities
in Tokyo.
"The next target is of course $1,000," said Sonoda,
referring to a level last seen in March, when gold struck a
record $1,030.80 on fund buying driven by fears of rising
energy costs and uncertainties in the dollar's outlook.
"Silver is also very interesting. Actual buying is a good
support for the price," said Sonoda, adding that the white
metal also benefited from investment buying.
Industrial precious metal silver's appeal as a refuge for
investors worried about financial instability will help it
perform better than its rivals platinum and palladium, a
Reuters survey showed. []
In other markets, the Nikkei <> shed 3.4 percent on a
firmer yen and recession worries. Adding to the gloom, Japanese
industrial production fell a record 9.6 percent in December,
while core annual inflation slowed to 0.2 percent. []
The euro slipped to $1.2907 <EUR=> on risk aversion.
[]. Oil <CLc1> was steady above $41 a barrel on concerns
about a potential strike among unionised U.S, refinery workers.
[]
"I guess the market is very quiet in Asia, with people in
China still on holiday. The funds have been buying and that's
why we seen an increase on the ETF, but they are also keen to
book profits," said a dealer in Hong Kong.
Platinum <XPT=> was trading at $961.00 an ounce, down
$11.50 from New York's notional close as worries about falling
demand resurfaced for the metal, which is mainly used in
autocatalysts to clean exhaust fumes.
"Ford news shock the platinum market," said Sonoda of
Daiichi Commodities.
Ford Motor Co <F.N> reported a record $14.6 billion
full-year loss on Thursday but said it would have the cash to
survive the worst downturn in auto sales in decades without a
U.S. government bailout. []
Ford plans to cut some 2,500 white-collar jobs and draw
down its remaining credit line after burning through $5.5
billion of cash as global auto sales plunged.
PRICES
Metal Last Change Pct chg Day ago pct MA 30
RSI
Spot gold $903.00 -$3.75 -0.41% +0.67% $860.10
70
Spot silver $12.25 -$0.06 -0.49% +2.25% $11.29
79
Spot plat $961.00 -$11.50 -1.18% +0.84% $951.55
62
COMEX gold $904.70 -$1.00 -0.11% +1.86% $860.47
68
TOCOM gold 2,604 55 +2.16% +0.81% 2,484
57
TOCOM plat 2,766 23 +0.84% +0.95% 2,672
52
Currencies
Euro/dlr $1.291 -$0.023 -1.72% -2.03%
Dlr/yen 89.65 -0.73 -0.81% +0.82%
(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)
