(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, April 8 (Reuters) - Gold held steady near a
1-week high on Tuesday after the dollar's fall against the euro
ignited buying from speculators, helping the metal defy news
the International Monetary Fund plans to sell some of its
gold.
The IMF is the world's third-largest gold holder with
3,217.3 tonnes, but any price dip on its sales would probably
be met by buying from jewellers and investors, said dealers.
Gold <XAU=> hit a high of $925.50 an ounce, up from
$923.70/924.50 an ounce late in New York on Monday, when it
jumped to a one-week high at $929.10 an ounce on surging oil --
still well below a record of $1,030.80 hit on March 17.
"Even though the IMF sells gold, I don't think it will have
much impact," said Ronald Leung, director of Lee Cheong Gold
Dealers in Hong Kong.
"They will do it bit by bit. If they say they have to sell
400 tonnes in one day or one week, there will be a bit of
trouble."
Member countries must still approve the plan to sell 403.3
tonnes of the fund's stocks, and the U.S. Congress will also
need to give the go ahead before any gold sales could begin.
[]
Dealers expected gold to trade in a range with tough
resistance seen around $950 an ounce.
"If it stabilises around $950, we can see a further rise to
$1,000," said Leung of Lee Cheong Gold Dealers, who pegged
support around $915.
The euro <EUR=> rose more than a cent from the day's lows
against the dollar, with the U.S. currency pressured by worries
about a recession and the prospect of further interest cuts by
the Federal Reserve. []
Lower interest rates also boost gold's appeal as an
alternative investment.
"There's still a potential for gold to try $940 today or
tomorrow," said a dealer in Singapore. "Chartwise, the bearish
signals remain but sentiment may change if gold is able to
close higher on Friday."
Gold futures for June delivery <GCM8> on the COMEX division
of the New York Mercantile Exchange added $1.3 an ounce to
$928.1 an ounce.
Spot platinum <XPT=> dipped to $2,028/2,038 an ounce from
$2,030/2,040 late in New York on Friday -- well below an
lifetime high of $2,290 hit on March 4 due to mining
disruptions in main producer South Africa.
The most active Tokyo platinum futures <0#JPL:> ended the
morning session 38 yen per gram higher at 6,577 yen.
Silver <XAG=> edged up to $18.09/18.14 an ounce from
$18.06/18.11 an ounce. It had risen to $18.22 an ounce on
Monday, its highest since March 28.
Spot palladium <XPD=> rose to $452/457 an ounce from
$450/455 an ounce, having gained to its best level since March
20 at $457 on Monday.
Precious metals prices at 0034 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 921.70 1.70 +0.18 10.69
Spot Silver 18.04 -0.01 -0.06 22.14
Spot Platinum 2028.00 -2.00 -0.10 33.42
Spot Palladium 452.00 2.00 +0.44 22.83
TOCOM Gold 3064.00 19.00 +0.62 0.13
22919
TOCOM Platinum 6577.00 38.00 +0.58 23.19
11033
TOCOM Silver 601.10 6.70 +1.13 11.11
694
TOCOM Palladium 1530.00 38.00 +2.55 13.25
1387
Euro/Dollar 1.5754
Dollar/Yen 102.31
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Michael Urquhart)
