(Updates prices, adds comments)
By Risa Maeda
TOKYO, May 16 (Reuters) - Gold edged down on Friday as
resilience in the dollar hampered investor buying, although crude
oil prices clawed back toward $125 a barrel.
Analysts said many investors are now focused on the oil
market, resulting in a halt or even an outflow of money into
non-oil commodities, in particular precious metals.
Underlining a fall in investor appetite in the gold market,
gold holdings in the world's largest exchange-traded fund (ETF)
for bullion, StreetTRACKS Gold Shares <XAUEXT-NYS-TT>, fell
slightly after hitting a peak last week.
Also, gold has been stuck in an $850-$890 band this month.
"Trade is centred in the crude oil market as investors are
prepared for inflation. They also buy stocks, but not the other
commodities," said Yuki Sonoda, an adviser at Japanese brokerage
Daiichi Commodities Co.
"The crude oil market has been consolidating after hitting a
record high. But there are signs it is gaining momentum, showing
a sharp contrast to the gold market," he said.
Spot gold <XAU=> was at $880.30/881.20 an ounce as of 0404
GMT, compared with $881.55/882.75 in late New York trade on
Thursday, when it hit a high of $887.50 on a weakening dollar.
Gold held in StreetTRACKS Gold Shares fell to 589.46 tonnes
this week after topping 590 tonnes earlier this month in a brief
recovery from a seven-month trough of 580.46 tonnes.
Oil prices rebounded to near $125 a barrel on Friday, led by
the bullish heating oil market as China and Europe scramble for
barrels, thinning global supply.
U.S. crude for June delivery <CLc1> was up 81 cents a barrel
at $124.93, off a record near $127 marked on Tuesday.
The foreign exchange market provided little help, with the
dollar stuck in a narrow range against the euro.
The euro rose to $1.5477 <EUR=>, up 0.2 percent from late New
York trade on Thursday and off last week's peak above $1.55.
Against the yen, the dollar was little changed at 104.65 yen
<JPY=>, having slipped from around 104.89 yen after data showed
Japan's economy grew 0.8 percent in January-March from the
previous quarter, above market expectations for a 0.6 percent
increase, for an annualised increase of 3.3 percent. []
The most active June gold futures contract <GCM8> on the
COMEX division of the New York Mercantile Exchange rose $1.3 to
$881.3 an ounce.
Yen-based gold futures for distant April delivery <0#JAU:> on
the Tokyo Commodity Exchange rose 45 yen a gram to 2,989 yen.
Spot platinum <XPT=> stood at $2,062/2,080 an ounce, down
from $2,079/2,094 in New York on Thursday, when it hit a one-week
trough of $1,988.50.
Platinum has been supported at around $2,000 amid speculation
that platinum specialist Johnson Matthey <JMAT.L> may provide a
bullish outlook in an annual report on platinum group metals due
next week.
Daiichi Commodities' Sonoda said scattered buying by Japanese
auto makers has propped up the white metal this month.
Palladium <XPD=> was at $432.50/440.50 an ounce, little
changed from $432/440 in late New York. Silver <XAG=> was at
$16.74/16.80 an ounce, against $16.70/16.76 in New York.
Precious metals prices at 0402 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 880.20 -0.25 -0.03 5.70
Spot Silver 16.74 0.08 +0.48 13.34
Spot Platinum 2065.00 -11.00 -0.53 35.86
Spot Palladium 432.50 1.00 +0.23 17.53
TOCOM Gold 2988.00 44.00 +1.49 -2.35 17588
TOCOM Platinum 6736.00 172.00 +2.62 26.17 13619
TOCOM Silver 571.10 3.20 +0.56 5.56 356
TOCOM Palladium 1499.00 19.00 +1.28 10.95 561
Euro/Dollar 1.5471
Dollar/Yen 104.66
(Reporting by Risa Maeda, Editing by Michael Watson)
