* Gold rises to 5-week high, platinum hits 17-month high
* China's data, weak dollar, firm oil spur fund buying
* Gold ETF holdings slip
(Updates prices, adds movements in physical market)
By Lewa Pardomuan
SINGAPORE, Jan 11 (Reuters) - Gold prices jumped to their
highest in more than a month on Monday, on fund buying driven
by stronger-than-expected Chinese import data, firm oil prices
and a drop in the U.S. dollar against other currencies.
Platinum, mainly used in auto catalysts, rose to levels not
seen since August 2008, while silver tracked gold to reach its
highest price in more than a month. With Japanese markets
closed, volume was thin.
Gold <XAU=> was quoted at $1,154.30 an ounce by 0637 GMT,
up $16.40 from New York's notional close on Friday. It rose as
high as $1,157.65 an ounce, its strongest level since Dec. 8 --
but still below a lifetime high of $1,226.10 hit in early
December.
"The fact that the dollar has weakened has obviously helped
to sustain its rally. We are going to be looking towards the
$1,200-level again," said Darren Heathcote, head of trading at
Investec Australia in Sydney.
NYMEX crude for February delivery <CLc1> rose 75 cents to
$83.50 a barrel [], boosting gold's appeal as a hedge
against inflation, as China's crude oil imports surged to a
monthly record in December. []
U.S. gold futures for February delivery <GCG0> hit an
intraday high of $1,163 an ounce, their best level since Dec.
8, before slipping to $1,154.7 an ounce, still $15.8 higher
than the previous close.
The U.S. dollar dropped on Monday, suffering its biggest
fall in six weeks in the wake of disappointing U.S. jobs data,
while the Australian dollar soared on the back of strong export
numbers from China. []
"I guess people used the news from China as some kind of
excuse to push up gold," said a bullion dealer in Hong Kong,
adding that low U.S. interest rates are also a factor.
"Buying interest is still around because it seems the
chance of an increase in interest rates in the first half of
this year is fading," he said.
Friday's disappointing U.S. employment report was also seen
by dealers as a bullish signal for gold. [].
Jewellers stayed away from the physical market as gold
firmed but sales of scrap were limited, suggesting that holders
were still waiting for further increase in bullion prices.
Premiums for gold bars were steady in Asia. <GOLD/ASIA1>
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings fell to 1,119.541 tonnes by
Jan. 8, down 3.962 tonnes from the previous business day.
[]
PRICES
Precious metals prices at 0637 GMT
Metal Last Change Pct chg YTD pct chg
Spot Gold 1154.30 16.40 +1.44 5.35
Spot Silver 18.77 0.33 +1.79 11.53
Spot Platinum 1569.00 40.50 +2.65 6.95
Spot Palladium 427.25 1.75 +0.41 5.36
Euro/Dollar 1.4514
Dollar/Yen 92.23
(Editing by Clarence Fernandez)
