* Gold to rebound to $1,407/oz -technicals []
* Coming Up: U.S. jobless claims weekly; 1300 GMT
(Updates prices)
By Lewa Pardomuan
SINGAPORE, Jan 13 (Reuters) - Gold eased on Thursday after
rising to its strongest in a week in the previous session, as
strong demand for Portugal's bond sale eased concern over the
debt crisis in Europe.
Investors awaited debt auctions by Spain and Italy later
in the day and the release of U.S. jobless claims after a
recent pick up in U.S. economic data prompted some economists
to beef up growth forecasts for the first half of 2011.
[]
Spot gold fell $1.02 to $1,386.20 an ounce by 0611
GMT after rising as high as $1,388.90 on Wednesday as the U.S.
dollar dropped against the euro.
"The safe-haven demand for gold may recede temporarily. I
would think that gains in gold for the day ahead may be
difficult to sustain," said Ong Yi Ling, investment analyst at
Phillip Futures in Singapore.
"I would think that $1,400 would pose some resistance for
gold, at least for the time being."
Gold was off a lifetime high around $1,430 struck in early
December, when fears the debt crisis in Europe would spread
ignited buying from investors.
But Wang Tao, a Reuters market analyst for commodities and
energy technicals, said gold was poised to rebound more to
$1,407 per ounce, as indicated by an inverted
head-and-shoulders pattern.
For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20111301084754.jpg
In the physical market, dealers noted purchases from main
consumer India as well as China, which could offer support for
cash gold. Premiums for gold bars were at two-year highs in
Singapore and Hong Kong. .
"There are talks the Indian government is looking to
increase tax on gold imports, so locals are looking to stock
up before hand. They are moving into coins and gold bars,"
said a dealer in Singapore.
"Local demand from China is firm before the Lunar New Year
and buying interest from Turkey is also strong."
Bullion traders in India are expecting an import duty
increase on precious metals in the February budget.
[]
U.S. gold futures for February hardly moved, at
$1,385.5 an ounce.
The euro slipped from one-week highs on Thursday after
short-covering triggered by Portugal's successful debt auction
the previous day ran its course and traders looked to debt
sales by Spain and Italy.
Portugal is seen as the next euro zone candidate for a
bailout, but passed a key market test on Wednesday by selling
a benchmark 10-year bond at a lower yield than in the previous
auction and drawing strong demand. []
German Finance Minister Wolfgang Schaeuble said on
Wednesday euro zone countries were working on a "comprehensive
package" to solve the bloc's debt crisis, which could be
agreed by February or March. []
Silver barely changed after rising to a 1-week high
on Wednesday on steady demand from the industrial sector,
especially in China.
Silver's stellar run this year is likely to continue into
2011, with graphics showing that silver is still far below its
inflation-adjusted all-time high, but a technical correction
may happen in the next few weeks. []
For a graphic on inflation-adjusted prices of silver,
click:
http://r.reuters.com/dud95r
Precious metals prices at 0611 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1386.20 -1.02 -0.07 26.51
Spot Silver 29.56 -0.09 -0.30 75.64
Spot Platinum 1791.99 -6.51 -0.36 22.15
Spot Palladium 808.25 0.41 +0.05 99.32
TOCOM Gold 3717.00 5.00 +0.13 14.05 32297
TOCOM Platinum 4846.00 62.00 +1.30 10.61 22509
TOCOM Silver 79.10 -0.50 -0.63 53.00 1277
TOCOM Palladium 2180.00 44.00 +2.06 87.12 1007
Euro/Dollar 1.3096
Dollar/Yen 83.08
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)
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