* SPDR Gold Trust holdings jump 1.5 pct; iShares holdings
rise
* Gold targets $1,518 -technicals []
* Coming up: U.S. NAHB housing market index, April; 1400 GMT
(Updates prices)
By Rujun Shen
SINGAPORE, April 18 (Reuters) - Spot gold hit a record high
and silver rose to a 31-year high on Monday, fuelled by concerns
of rising inflation globally, while a lingering euro zone
sovereign debt crisis continued to boost safe-haven demand in
precious metals.
Spot gold hit a record of $1,488.50 an ounce, before
easing to $1,484.55 by 0637 GMT. U.S. gold futures <GCv1> were
nearly flat at $1,485.70.
"It wouldn't be a surprise to see gold push higher in the
current environment," said Darren Heathcote, head of trading at
Investec Australia, adding that investors were concerned about
inflation, especially when oil prices remain high.
U.S. crude futures <CLc1> slipped below $109 a barrel on
Monday after three days of gains, but have gained nearly 20
percent this year.
Inflation accelerated in Asia and Europe in March while the
United States bucked the global trend with underlying price
pressures largely in check, leaving monetary policy on diverging
paths around the world.[]
The lingering euro zone debt crisis also helped lift gold
prices. []
Technical analysis indicated that gold may target $1,518 an
ounce, said Reuters market analyst Wang Tao. []
Reflecting growing investment interest, holdings in the SPDR
Gold Trust , the world's largest gold-backed
exchange-traded fund, jumped 1.5 percent to a nearly three-month
high of 1,231.159 tonnes.
SILVER RISES TO 31-YEAR HIGH
Spot silver rose to 31-year highs for the third
consecutive session, hitting $43.34 an ounce. It was trading at
$43.14.
"Silver's rally has been dumbfounding," said a Tokyo-based
trader. "Bears are very weak now after silver has steadily
climbed from under $30 to $43 in less than two months."
But he said that investors' enthusiasm had eased slightly
since silver crossed the $40 threshold last week.
Holdings in the world's largest silver-backed
exchange-traded fund, iShares Silver Trust , gained 0.64
percent to 11,044.07 tonnes by April 15, down 1.5 percent from a
week earlier.
The gold-silver ratio, used to measure how many ounces of
silver is needed to buy an ounce of gold, fell to below 35, its
lowest since the early 1980s.
This compares to an average of 65 over the past three
decades. But the ratio could drop further as investors continue
to favour silver.
Spot silver has rallied 40 percent so far this year, making
gold's 4.6 percent gain negligible.
Precious metals prices 0637 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1484.55 0.80 +0.05 4.59
Spot Silver 43.14 0.15 +0.35 39.79
Spot Platinum 1787.50 4.80 +0.27 1.13
Spot Palladium 762.72 2.17 +0.29 -4.60
TOCOM Gold 3967.00 5.00 +0.13 6.38 50054
TOCOM Platinum 4796.00 -34.00 -0.70 2.13 7979
TOCOM Silver 114.80 1.40 +1.23 41.73 2689
TOCOM Palladium 2040.00 -33.00 -1.59 -2.72 191
COMEX GOLD JUN1 1485.70 -0.30 -0.02 4.52 13021
COMEX SILVER MAY1 43.16 0.59 +1.38 39.50 14506
Euro/Dollar 1.4376
Dollar/Yen 82.88
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
(Editing by Clarence Fernandez)
