* Gold softens below record, physical buying limited
* Technicals point downward to $1,268/oz []
* Coming Up: U.S. Consumer confidence Sep; 1400 GMT
(Updates prices)
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 $3.65 an ounce to $1,292.40 an ounce
by 0443 GMT, having struck a record on concerns over the 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." A series of economic data from the United States this
week will be closely watched for direction on gold prices,
Pervan said. U.S. gold futures for December delivery <GCZ0>
dropped $5.0 an ounce to $1,293.6 an ounce. The contract high
was below the record at $1,301.60 set on Friday. []
The dollar got a reprieve on Tuesday, helped by a report
the Federal Reserve was weighing a more open-ended,
smaller-scale bond buying programme compared with 2009. []
The Wall Street Journal reported the Fed would announce
purchases of a much smaller amount of bonds for a brief period
and leave open the question of whether it would do more, a
decision that would turn on how the economy was doing.
[]
"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 rallying to its highest in
three decades at $21.61 an ounce on Monday, tracking 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 sidelined," 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 average slipped on Tuesday after U.S. stocks
slipped as investors took a break from a four-week rally. []
[]
Precious metals prices at 0443 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1292.40 -3.65 -0.28 17.95
Spot Silver 21.27 -0.11 -0.51 26.38
Spot Platinum 1615.00 -12.35 -0.76 10.09
Spot Palladium 546.00 -2.68 -0.49 34.65
TOCOM Gold 3509.00 -18.00 -0.51 7.67
16817
TOCOM Platinum 4398.00 -68.00 -1.52 0.39
9927
TOCOM Silver 57.90 -0.90 -1.53 11.99
430
TOCOM Palladium 1485.00 -30.00 -1.98 27.47
429
Euro/Dollar 1.3463
Dollar/Yen 84.22
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Manash Goswami)
(lewa.pardomuan@thomson reuters.com; +65 6870 3834; Reuters
Messaging: lewa.pardomuan.reuters.com@reuters.net))
