(Updates prices, adds comments)
TOKYO, May 15 (Reuters) - Gold inched lower on Thursday,
dented by weaker crude oil, but held off a one-week trough below
$860 an ounce marked the previous day.
Spot gold <XAU=> was at $862.90/863.90 an ounce as of 0333
GMT, slightly lower than $865.05/866.25 in late New York trade on
Wednesday, when it touched a one-week low of $859.30.
Trade was slow due to a dearth of fresh news. Underlining a
lack of market direction, gold has been stuck in an $850-$890
band this month.
The foreign exchange market provided little help, with the
dollar trapped in a narrow range against the euro.
A weaker dollar was a key factor in gold's spike to a
lifetime high of $1,030.80 an ounce on March 17.
Gold has since retreated, after the euro peaked against the
dollar last month, but its downside was limited as investor
buying propped it up at or above $850 an ounce.
"We don't have fresh factors to focus on," said a source at a
Japanese trading house.
"Even when the euro fell to $1.53 (last week), that didn't
trigger panic selling. Even worse, the euro has now been caught
in range-bound trade," he said.
The euro was almost flat from late New York trade at $1.5460
at midday in Tokyo.
Against the yen, the dollar fell slightly to 105 yen <JPY>,
but hovered near a two-month high after a tame reading on U.S.
consumer inflation buoyed equities and bolstered risk appetite.
Gold's appeal was slightly tarnished as a reversal in crude
oil prices from a record high eased concerns about inflation.
Crude oil fell below $124 a barrel on Thursday as rising U.S.
distillates stocks and Iran's reassurances that it would not cut
crude exports added to a strengthening dollar to limit the
upside. []
NYMEX crude for June delivery <CLc1> was down 46 cents a
barrel at $123.76, after rallying earlier this week to a record
near $127.
The most active June gold futures contract <GCM8> on the
COMEX division of the New York Mercantile Exchange fell $3.1 to
$863.4 an ounce.
Yen-based gold futures for distant April delivery <0#JAU:> on
the Tokyo Commodity Exchange were up 1 yen at 2,940 yen a gram.
Spot platinum <XPT=> stood at $2,017/2,027 an ounce, down
from $2,031/2,046 in New York on Wednesday, when it briefly
dipped below $2,000 before rebounding on bargain hunting.
Palladium <XPD=> was $429.50/437.50 an ounce against
$430.50/438.50 in late New York. Silver <XAG=> was at
$16.53/16.59 an ounce, little changed from $16.55/16.61.
Precious metals prices at 0338 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 863.00 -0.65 -0.08 3.64
Spot Silver 16.53 0.06 +0.36 11.92
Spot Platinum 2017.50 -8.50 -0.42 32.73
Spot Palladium 429.50 -0.50 -0.12 16.71
TOCOM Gold 2940.00 1.00 +0.03 -3.92 6688
TOCOM Platinum 6610.00 -20.00 -0.30 23.81 8239
TOCOM Silver 565.60 -2.80 -0.49 4.55 262
TOCOM Palladium 1481.00 -1.00 -0.07 9.62 358
Euro/Dollar 1.5457
Dollar/Yen 104.97
(Reporting by Risa Maeda)
