* Positive earnings results provide support
* Palladium <XPD=> hits 2-year high for 2nd straight session
* Coming up: talks on EU/IMF aid package for Greece
By Risa Maeda
TOKYO, April 21 (Reuters) - Gold inched up on Wednesday,
extending its recovery from a two-week low hit earlier this week
as positive company earnings underlined demand for the precious
metal, while palladium climbed to a fresh two-year high.
Investors took heart from the overall profit recovery in U.S.
companies such as IBM <IBM.N> and Apple <AAPL.O>, shifting their
attention from concerns over fraud charges against Goldman Sachs
<GS.N>, a major commodities trader, and Greece's financial
situation.
Spot gold <XAU=> edged up 0.4 percent to $1,143.90 an ounce
by 0548 GMT from New York's notional close of $1,139.50. It hit a
two-week low of $1,123.15 on Monday.
"Precious metals look to have already taken in stride the
Goldman shock. Some say it was a one-day shock and that it's
over, but I'm more cautious," said Yuki Sonoda, an adviser at
Japanese commodity brokerage Daiichi Commodities Co.
"Thanks to buoyant earnings from U.S. companies including
IBM, precious metals are weathering concerns over Goldman as well
as Greece. But the two issues still remain as they are, and
things could get volatile."
Ten days of talks on an EU/IMF bailout package aimed at
rescuing Greece from a debt crisis rocking the euro zone will
begin on Wednesday. Greek borrowing costs hit a 12-year high
ahead of the talks on Tuesday. []
Earlier this month, Euro zone leaders agreed a giant EU/IMF
aid package for Greece, and the details are keenly awaited.
[]
In the currency market, the yen was on the defensive as
investors added to long positions in growth-linked currencies,
buoyed by strong U.S. corporate earnings, while the euro
struggled with mounting worries about debt-laden Greece. []
For a technical analysis of the spot gold price, click
[]
U.S. gold futures for June delivery <GCM0> advanced to
$1,144.50 an ounce, after settling at $1,139.20 on the COMEX
division of the New York Mercantile Exchange.
Among other precious metals, spot palladium <XPD=> hit a new
two-year high of $552.25 an ounce, exceeding the previous high
marked on Tuesday.
The metal stood at $550.00, up 0.2 percent from $549 in New
York. It is partly supported by exchange-traded fund demand,
particularly from the United States. []
Spot platinum <XPT=> gained 0.3 percent to $1,719.00 an ounce
from $1,714 in New York. Palladium and platinum, both used to
clean auto emissions and in jewellery, have been in favour as
they are considered to be more sensitive than gold to economic
recovery.
The holdings by the world's largest gold-backed
exchange-traded fund, the SPDR Gold Trust <GLD>, stayed unchanged
for the eighth business day in a row on Tuesday.
The fund said its holdings stood at 1,141.041 tonnes as of
April 20, a record first marked on April 9. []
In other markets, oil prices <CLc1> rose on Tuesday after
three sessions of losses as the threat from Iceland's volcanic
ash cloud receded, letting some European flights resume, and U.S.
stocks edged higher on quarterly results. []
Precious metals prices at 0545 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1143.45 3.95 0.35 4.36
Spot Silver 17.94 0.13 0.73 6.60
Spot Platinum 1719.00 5.00 0.29 17.18
Spot Palladium 550.00 1.00 0.18 35.64
TOCOM Gold 3436 46.00 1.36 5.43 39441
TOCOM Platinum 5150 122.00 2.43 17.55 18431
TOCOM Silver 54 1.10 2.07 5.03 324
TOCOM Palladium 1649 60.00 3.78 41.55 1101
Euro/Dollar 1.3426
Dollar/Yen 93.1600
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Additional reporting by Chikako Mogi; Editing by Michael
Watson)
