* Gold softens below record, physical buying limited
* Technical point downward to $1,268/oz []
* Coming Up: U.S. Consumer confidence Sep; 1400 GMT
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, Sept 28 (Reuters) - Gold slipped on Tuesday
after hitting a lifetime high at $1,300 an ounce in the
previous session as a rebound in the U.S. dollar prompted
speculators to lock-in gains.
Although lower prices could stir up purchases from
jewellers, gold's failure to stay above Monday's peak could
spur more selling from investors. Silver was off a 30-year
high, while platinum and palladium tracked stock markets lower.
Spot gold <XAU=> fell $2.70 an ounce to $1,293.35 an ounce
by 0239 GMT, having struck a record on concerns over a global
economic recovery and a weaker dollar.Gold has gained as much
as 18.5 percent this year.
For a 24-hour technical outlook on gold, see:
http://graphics.thomsonreuters.com/WT/20102809084525.jpg
"At the moment, we're seeing some heavy resistance selling at
$1,300, and that's creating some downward pressure," said Mark
Pervan, senior commodities analyst at ANZ in Melbourne.
"If it breaks through and closes above $1,300, we expect it
to get to $1,320 within a week and we'll get there very
quickly," said Pervan, adding that gold would also closely
watch a series of economic data from the United States this
week.
U.S. gold futures for December delivery <GCZ0> dropped $4.1
an ounce to $1,294.5 an ounce. The contract high was below the
record at $1,301.60 set on Friday. []
The euro a shade softer at $1.3437 <EUR=>, away from
Monday's five-month peak of $1.3507, after Moody's downgrade of
the lower-grade debt at Anglo Irish Bank led investors to sell
into the currency's recent gains. []
"A lot of gains in the last week and a half have been
driven by a weak U.S. dollar. There is a reasonable chance to
expect the dollar to rebound mildly of a low base," said Pervan
of the ANZ. "And that will certainly trigger some selling as
well in the gold market."
Silver <XAG=> slipped after rising rallying to its highest
in three decades at $21.61 an ounce on Monday to track gains in
gold.
Despite the correction in bullion prices, delegates polled
at the London Bullion Market Association annual conference see
no end to the rally any time soon. []
The physical market was calm on Tuesday after seeing demand
from top consumer India on the previous day despite record
prices. []
"Gold looks bullish one day, and then it turns bearish. No
wonder all the clients prefer to stay sideline," said a
physical dealer in Singapore.
"I've seen some buying this morning from Chinese and Thai
consumers but volume is not great. There's no buying from India
yet but I think they may continue to buy later when their
market opens."
India is in the middle of the festival season, with Dussera
in October and Dhanteras in November, when jewellers register
their highest sales every year. Weddings also take place during
the festive season.
The Nikkei averaged slipped on Tuesday after U.S. stocks
slipped as investors took a break from a four-week rally. []
[]
Precious metals prices at 0239 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1293.35 -2.70 -0.21 18.04
Spot Silver 21.29 -0.09 -0.42 26.50
Spot Platinum 1615.50 -11.85 -0.73 10.12
Spot Palladium 545.50 -3.18 -0.58 34.53
TOCOM Gold 3511.00 -16.00 -0.45 7.73
13622
TOCOM Platinum 4397.00 -69.00 -1.55 0.37
8355
TOCOM Silver 58.00 -0.80 -1.36 12.19
375
TOCOM Palladium 1481.00 -34.00 -2.24 27.12
385
Euro/Dollar 1.3452
Dollar/Yen 84.19
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
(lewa.pardomuan@thomson reuters.com; +65 6870 3834; Reuters
Messaging: lewa.pardomuan.reuters.com@reuters.net))
