* Silver headed for biggest monthly rise since May 2009
* Spot gold to consolidate -technicals
* Coming up: U.S. GDP Q4; 1330 GMT
(Updates prices)
By Rujun Shen
SINGAPORE, Feb 25 (Reuters) - Spot gold crawled higher on
Friday, headed for its fourth consecutive week of gains, as
investors kept close watch on the situation in Libya and the
energy market.
Oil rose more than $1 a barrel to over $112 on Friday,
despite an assurance by top oil exporter Saudi Arabia that it
would pump up supply to fill any shortfall.
"The gold market is still very much influenced by unrest in
the Middle East and North Africa," said Ong Yi Ling, an analyst
at Phillip Futures. "The spotlight remains on the region. If
tension escalates, we could see gold continue to push higher."
For the latest stories on unrest in the region, click
Spot gold inched up 0.4 percent to $1,406.80 an ounce
by 0651 GMT, headed for a 1.3 percent gain from a week earlier.
The most active U.S. gold futures contract edged down
0.6 percent to $1,407.60.
Technical analysis shows that spot gold will consolidate
between $1,390 and $1,410 per ounce as the correction on
Thursday has temporarily violated its uptrend, said Reuters
market analyst Wang Tao.
For a 24-hr gold technical outlook:
http://graphics.thomsonreuters.com/WT/20112502094910.jpg
Some suspected the boost from the Middle East could last.
"Gold is likely to go through some consolidation, if not
correction," said Hou Xinqiang, an analyst at Jinrui Futures,
"The influence may ebb quickly if no big story breaks --
countries split up in violence or the region fell into complete
chaos."
Holdings in the SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, dipped to a nine-month low of
1,211.568 tonnes.
The ETF holdings were on course for a fifth consecutive
month of loss, after a hefty 54-tonne drop in January.
"Beyond the Middle East crisis, if you look at the general
economic environment, it's actually quite optimistic," said Ong
of Phillip Futures.
The latest data showed new unemployment claims in the United
States fell last week, indicating an improving labour market,
although declines in new home sales and orders for a range of
factory goods in January showed the recovery remained uneven.
In the euro zone, economic sentiment jumped in February to
its highest level since the financial crisis.
Spot silver climbed 1.8 percent to $32.67, headed for
its biggest monthly rise since May 2009, at 16 percent.
Holdings in the world's largest physically backed
exchange-traded fund, rose to a six-week high of 10,666.35
tonnes.
Spot palladium which led the precious metals complex
last year with a dazzling 97 percent annual gain, was on course
for a three-percent monthly decline, snapping a seven-month
winning streak.
Precious metals prices 0651 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1406.80 5.33 +0.38 -0.89
Spot Silver 32.67 0.58 +1.81 5.87
Spot Platinum 1794.50 17.01 +0.96 1.53
Spot Palladium 781.97 10.97 +1.42 -2.19
TOCOM Gold 3721.00 -6.00 -0.16 -0.21 54338
TOCOM Platinum 4788.00 31.00 +0.65 1.96 25247
TOCOM Silver 85.40 -1.50 -1.73 5.43 2473
TOCOM Palladium 2072.00 17.00 +0.83 -1.19 1307
COMEX GOLD APR1 1407.60 -8.20 -0.58 -0.97 11350
COMEX SILVER MAR1 32.68 -0.49 -1.48 5.61 6963
Euro/Dollar 1.3820
Dollar/Yen 81.92
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
(Editing by Clarence Fernandez)
Reuters
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