(Refiles to additional subscribers)
* Gold retreats from 2-month peak, physical market quiet
* Technicals point to bearish target $1,210/oz []
* Coming Up: U.S. Q2 GDP; 1230 GMT
(Updates prices)
By Rujun Shen and Jacqueline Wong
SHANGHAI, Aug 27 (Reuters) - Gold edged higher on Friday,
as investors waited for a key speech from Federal Reserve chief
Ben Bernanke later in the day and expected the United States to
revise down its second-quarter economic growth figure.
The U.S. government is seen revising its second-quarter
economic growth to an annual pace of 1.4 percent from a
previous figure of 2.4 percent.
"If the figure released comes close to 1.4 percent, it will
be pretty bearish on the market, and could provide some
safe-haven need for gold," said Ong Yi Ling, an analyst at
Philip Futures. "I see some upside potential."
An announcement of more stimulus measures or quantitative
easing policies by Bernanke would also benefit gold, as such
measures would feed long-term inflationary pressure, Ong added.
Spot gold <XAU=> gained $1.86 to stand at $1,236.80 an
ounce by 0610 GMT, as a weekly rise of 0.8 percent carried it
towards its fourth straight week of gains. It hit $1,244.00 on
Thursday, its highest since June 30.
A recent flow of disappointing data from the United States
has stirred fears of a double dip in the economy, although new
jobless claims figures released on Thursday showed a surprise
fall, offering some relief to investors. []
U.S. gold futures for December delivery <GCZ0> were at
$1,238.60 an ounce, barely changed on the day.
A bullish target for spot gold at $1,260 per ounce has been
aborted, as it failed to climb up successively on Thursday but
corrected with an indication the rally is very exhausted,
according to Reuters market analyst Wang Tao. []
For a graphic of the 24-hour gold technical outlook,
click:
http://graphics.thomsonreuters.com/WT/20102708084909.jpg
"There is slight selling, mainly from Thailand. Speculators
are trading about the range -- selling above $1,240 and buying
under it," said a Singapore-based physical dealer.
"If prices continue to move to $1,245 to $1,250, we should
be able to see more selling coming up. Otherwise, the current
range won't prompt huge buying or selling."
Silver <XAG=> was up 6 cents at $18.96 an ounce, easing
from a near two-month peak of $19.15 on Thursday. Silver is
headed for a gain of 5.5 percent on the week, its strongest
weekly gain since early April.
Holdings in the world's largest silver-backed
exchange-traded fund, the iShares Silver Trust <SLV>, rose to
9,196.69 tonnes by Aug. 26 from 9,175.38 tonnes on Aug. 24.
[]
Precious metals prices at 0610 GMT
Metal Last Change Pct chg YTD pct chg
Spot Gold 1236.80 1.86 +0.15 12.88
Spot Silver 18.96 0.06 +0.32 12.66
Spot Platinum 1530.00 5.00 +0.33 4.29
Spot Palladium 499.85 2.22 +0.45 23.27
Euro/Dollar 1.2718
Dollar/Yen 84.77
(Editing by Clarence Fernandez)
