* Gold ticks up as euro holds gains, awaits U.S. data
* Oil bounces higher, ETF holdings unchanged
(Adds quotes, comments from author of China-IMF gold story)
By Lewa Pardomuan
SINGAPORE, Feb 26 (Reuters) - Gold ticked higher on Friday
as the euro extended gains against the dollar and oil prices
rebounded, but investors were cautious ahead of potentially
market-moving U.S. economic data.
Gold regained the psychological $1,100 level on Thursday on
bargain hunting and an unverified report that China would buy
IMF gold. But the author of the report later told Reuters she
didn't have official sources for her story. []
Spot gold <XAU=> was at $1,108.30 an ounce by 0428 GMT, up
$3.60 from New York's notional close on Thursday -- still below
a a 1-month high of around $1,130 on Monday but about 6 percent
above a 3-month low struck in early February.
"Gold is really being driven a lot by the U.S. dollar in
the past day. I would have thought that if the IMF had made the
sale, they would have reported the fact," said David Moore,
commodities strategist at CBA in Sydney.
"I think at the moment, there is still underlying support
for gold. The interest rate environment in key economies still
remains favourable to gold," said Moore, referring to low
interest rates which lift bullion's safe-haven appeal.
Rough & Polished, a Moscow-based industry website, reported
China had "confirmed its decision to acquire 191.3 tonnes of
gold auctioned by the International Monetary Fund".
Contacted by Reuters, the author of the article, Nadezhda
Shagrova, who works as a tour guide and journalist in Shanghai,
said she did not have any official information to back up her
story.
"The source for the story? Well, that's been written about
in lots of places. I mean, Xinhua news agency wrote about that
and other official Chinese sources, lots of them. Why are you
asking?"
The IMF has said it would soon begin sales of 191.3 tonnes
of gold to raise cash for lending programmes, Traders have
speculated Asian central banks would be likely buyers.
[]
China, with about $1.6 trillion in reserves, is a producer
of gold and unlikely to buy the IMF supplies, the official
China Daily reported on Wednesday. []
The euro <EUR=> edged up to $1.3572, although dealers said
sentiment on the single currency is negative because of debts
problems in the euro zone. []
Investors turn their attention to U.S. economic reports on
fourth-quarter gross domestic product, consumer sentiment for
February and existing home sales for January, which could set
the tone for the dollar.
U.S. data of late has been on the softer side. On Thursday,
it showed core durable goods unexpectedly fell in January,
while applications for jobless benefits rose again last week,
putting pressure on the dollar. []
Spot trading was muted in Asia, with dealers discounting
talk about China's purchase of the IMF gold.
"When you talk about the Chinese, they will buy spot gold
at the lower end, although I don't really see any fixed
pattern," said a trader in Singapore, who deals with trading
houses and banks in China.
"The euro has rebounded a bit, so that could be the reason
why gold is up now. But even if price goes up, it's still not
out of the range yet," said the dealer, referring to $1,100 to
$1,130 an ounce.
U.S. gold futures for April delivery <GCJO> barely changed
at $1,108.9 an ounce, having settled 1 percent higher on
Thursday.
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,106.987 tonnes
as of Feb. 25, unchanged from the previous business day.
[]
Oil prices rebounded above $78 a barrel on Friday after
sliding more than 2 percent the day before, lifted by a weaker
dollar, but worries over the U.S. economy weighed on the
market. []
Precious metals prices at 0428 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1108.30 3.60 +0.33 1.15
Spot Silver 16.18 0.14 +0.87 -3.86
Spot Platinum 1534.75 5.75 +0.38 4.62
Spot Palladium 423.75 3.75 +0.89 4.50
TOCOM Gold 3194.00 44.00 +1.40 -1.99
45164
TOCOM Platinum 4402.00 78.00 +1.80 0.48
12233
TOCOM Silver 47.10 1.00 +2.17 -8.90
573
TOCOM Palladium 1210.00 12.00 +1.00 3.86
75
Euro/Dollar 1.3593
Dollar/Yen 89.29
(Editing by Ed Lane)
