* Holdings by SPDR Gold [] rise to record high
* Palladium hits 2-year peak, platinum at 20-mth high
* TOCOM gold price rises to highest since April 1983
* Coming up: U.S. federal budget for March at 1800 GMT
(Updates prices)
By Chikako Mogi
TOKYO, April 12 (Reuters) - Spot gold prices rose to their
highest in four months on Monday on a jump in the euro and
investment demand, while platinum and palladium hit multi-month
highs on expectations of strengthening industrial demand as the
economy recovers.
Gold prices were underpinned by investors fleeing to safety
amid lingering concerns about Europe's financial stability,
symbolised by Greece's debt crisis. The metal ended last week up
about 3 percent, the biggest gain since the week of Jan. 10.
Reflecting healthy investment demand, holdings at the world's
largest gold-backed exchange-traded fund, the SPDR Gold Trust
<GLD>, rose to an all-time high of 1,141.041 tonnes as of April
9, topping the previous record hit the day before. []
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Graphic on gold holdings: http://link.reuters.com/qux37j
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Spot gold <XAU=> climbed as high as $1,168.70 per ounce early
in Asian trade, its highest since Dec. 4, and stood at $1,164.56
as of 0530 GMT, up 0.5 percent from New York's notional close of
$1,159.00.
"The market is technically bullish and that may spur fund
buying, so I expect a bit more upside for gold," said Yuichi
Ikemizu, Tokyo branch manager for Standard Bank.
Spot gold's rise to four-month highs was triggered when stops
lined up at $1,165 were hit, after a key resistance point of
$1,162 was broken, Ikemizu said. He said physical buyers were
sidelined.
Noncommercial net long U.S. gold futures positions jumped 17
percent to 203,466 contracts in the week ended April 6 from
173,766 contracts a week earlier, the biggest percentage rise in
eight months and the highest level in a month. []
Koichiro Kamei, managing director at research firm Market
Strategy Institute in Tokyo, said many players were waiting to
see if funds would push prices above $1,170.
"If prices fail to rise above that level, physical buyers
will likely come in to take profits, pushing prices lower to
levels attractive for buying again," Kamei said.
U.S. gold futures for June delivery <GCM0> inched up 0.4
percent to $1,165.40 per ounce compared with $1,161.90 an ounce
on the COMEX division of the New York Mercantile Exchange.
Spot palladium <XPD=> rose to a two-year high of $519.75 per
ounce, the highest since March 2008, while spot platinum <XPT=>
marked a 20-month high of $1,735.00, the highest since Aug. 1,
2008.
Spot silver <XAG=> rose as high as $18.54 an ounce, the
highest since Jan. 20.
The euro <EUR=> jumped to its highest in nearly a month on
Monday, after European Union leaders agreed to a rescue package
for Greece that traders said could drive investors to cover short
positions. [] []
Strength in the global gold market and the yen's recent
weakening helped boost gold prices on the Tokyo Commodity
Exchange, with those for February 2011 delivery <JAUc6> rising to
3,505 yen, the highest since mid-April 1983.
PRICES
Precious metals prices at 0242 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1164.50 5.50 0.47 6.28
Spot Silver 18.51 0.16 0.87 9.98
Spot Platinum 1727.50 15.50 0.91 17.76
Spot Palladium 515.00 5.00 0.98 27.00
TOCOM Gold 3496 7.00 0.20 7.27 42352
TOCOM Platinum 5173 15.00 0.29 18.08 13900
TOCOM Silver 56 0.70 1.27 8.12 562
TOCOM Palladium 1546 26.00 1.71 32.70 506
Euro/Dollar 1.3668
Dollar/Yen 93.1100
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Additional reporting by Risa Maeda; Editing by Michael Watson)
