* Gold strikes record, silver at 30-year peak
* Gold to retrace to $1,385 an ounce []
* Coming Up: U.S. Employment index Oct 1400 GMT
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, Nov 8 (Reuters) - Gold hit another record above
$1,398 an ounce on Monday before a rebound in the dollar caused
prices to retrace, though short-term sentiment remains upbeat.
Gold <XAU=> fell $5.45 an ounce to $1,389.05 by 0344 GMT,
having risen as high as $1,398.35. Silver <XAG=> tracked gold
higher to hit a fresh 30-year peak at $26.98 an ounce.
"What I would like to see would be the holdings in the ETF
side. I would like to see it increase to really show that this
rally in gold prices is sustainable," said Ong Yi Ling,
investment analyst at Phillip Futures in Singapore.
"I think for today, we may actually see gold hit above
$1,400 on an intraday basis. This is the level that I think a
lot investors should be watching to see if some shorter-term
players may choose to take profits."
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P> said its holdings slipped to 1,291.766
tonnes by November 5 from 1,292.189 on November 2. The holdings
hit a record at 1,320.436 tonnes on June 29. []
U.S. gold futures for December delivery <GCZ0> fell $8.4 an
ounce to $1,389.3 an ounce.
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For a factbox on how to invest in gold and key price
drivers, click []
For gold's milestones on the road to record high, click
[]
For a 24-hour gold technical outlook, see:
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In the physical sector, higher gold prices attracted
selling but premiums for gold bars were steady in Singapore as
bargain hunters resurfaced at lower levels. <GOLD/ASIA1>
"We've seen gold selling of scrap from Thailand and
Indonesia but there's no change in the premiums at 40 to 70
cents, depending on the brands," said a physical dealer in
Singapore.
Investors also expect the dollar to stay on a weaker trend
on global economy concerns. [] []
The dollar is trading at its weakest in nearly a year
against a basket of major currencies. <.DXY>
The euro fell half a percent against the dollar on Monday,
dropping through $1.4000 and triggering stop losses. The dollar
had soared on Friday after data showed U.S.employers added
151,000 jobs in October, blowing past expectations of a 60,000
rise. []
The Nikkei average rose more than 1 percent to a
three-month high on Monday, adding to gains made last week as
risk money shifts towards global equities on improving
prospects for the U.S. economy. []
The world's largest silver-backed exchange-traded fund,
iShares Silver Trust <SLV>, said its holdings rose to 10,195.71
tonnes by November 5 from 10,137.92 tonnes on November 2. The
holdings hit a record at 10,224.05 tonnes on Oct. 15.
The market is also looking ahead to comments from a
leadership summit of the group of 20 nations meeting in Seoul,
South Korea, this week on currency exchange rates.
Writing in the Financial Times, World Bank president Robert
Zoellick said leading economies should consider readopting a
modified global gold standard to guide currency movements.
[]
Precious metals prices at 0344 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1389.05 -5.45 -0.39 26.77
Spot Silver 26.69 0.07 +0.26 58.59
Spot Platinum 1755.99 -9.51 -0.54 19.70
Spot Palladium 680.72 -1.81 -0.27 67.87
TOCOM Gold 3635.00 21.00 +0.58 11.54
71203
TOCOM Platinum 4635.00 -13.00 -0.28 5.80
17248
TOCOM Silver 69.80 0.90 +1.31 35.01
2150
TOCOM Palladium 1782.00 12.00 +0.68 52.96
1172
Euro/Dollar 1.3938
Dollar/Yen 81.19
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))
