* Silver hit fresh 30-year high at $22.18/oz
* Gold may rise to $1,330-$1,335 -technicals
[]
* Coming up: U.S. durable goods August; 1400 GMT
(Updates prices)
By Rujun Shen
SINGAPORE, Oct 4 (Reuters) - Spot gold was firm on Monday
after hitting record highs for six consecutive days on
continued expectations of more monetary policy easing by the
U.S. Federal Reserve and related dollar weakness.
Spot gold <XAU=> gained 0.3 percent at $1,319.05 an ounce
by 0613 GMT, below the record high of $1,320.80 on Friday.
The dollar surged versus yen due to short-covering on
Monday, but remained near its lowest level in eight months
against a basket of currencies <.DXY>.[]
"The key driver behind gold is still the dollar. If the
dollar extends losses, it can drive investors to seek out gold
as a currency alternative," said Ong Yi Ling, an analyst at
Phillip Futures.
"For the time being, gold is well supported on the dollar
weakness and uncertainties in the U.S. economy," adding that
gold could rise to yet another record high later in the day.
Technical analysis shows that gold may rise into a range
between $1,330 and $1,335 based on its wave pattern, said
Reuters market analyst Wang Tao. []
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a 24-hour gold technical outlook, see:
http://graphics.thomsonreuters.com/WT/20100410092414.jpg
For a three-month gold technical outlook, see:
http://graphics.thomsonreuters.com/WT/20102209174142.jpg
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U.S. manufacturing growth slowed last month and inflation
remained subdued in August - trends that may have prompted two
Fed policymakers to say more monetary easing would likely be
needed unless the economic outlook improves. []
[]
The physical market saw seasonal demand from the region,
including India and China, despite the record high prices,
dealers said.
"The physical demand is still around, although not as
strong as before, probably because the demand season is just
around the corner," said a Hong Kong-based dealer, citing
premiums in Hong Kong at $0.8 to $1 an ounce, little changed
from last week.
"Everyone is looking at higher prices for gold. The weak
dollar makes not only gold, but other metals, hot investments.
It's hard to say where the top will be, but psychologically, we
may see some pressure at $1,350."
Spot silver <XAG=> rose to a fresh 30-year high of $22.18
an ounce earlier, before easing to $22.13. Silver rose 31
percent so far this year, outperforming gold's 20 percent
ascent.
The gold-silver ratio, used to measure how many ounces of
silver are needed to buy an ounce of gold, dropped to below 60,
its lowest level in more than a year, below the average in the
past four years at 60.29.
For a graphic on the ratio, click:
http://graphics.thomsonreuters.com/AS/0810/RS_20100410113232.jp
g
Precious metals prices at 0613 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1319.05 3.45 +0.26 20.38
Spot Silver 22.13 0.16 +0.73 31.49
Spot Platinum 1676.00 0.85 +0.05 14.25
Spot Palladium 566.93 -2.57 -0.45 39.81
TOCOM Gold 3543.00 22.00 +0.62 8.71
34860
TOCOM Platinum 4506.00 26.00 +0.58 2.85
12510
TOCOM Silver 59.60 0.80 +1.36 15.28
706
TOCOM Palladium 1525.00 -3.00 -0.20 30.90
248
Euro/Dollar 1.3768
Dollar/Yen 83.32
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
