* Platinum loses upward momentum for now
* SPDR Gold holdings steady, iShares Silver inches down
TOKYO, Jan 6 (Reuters) - Gold prices inched up above $1,120
on Wednesday although a slightly firmer dollar versus the euro
capped gains, while platinum's rally, which lifted prices to
their highest in over a year in the previous session, lost
steam.
Spot gold <XAU=> was at $1,124.15 an ounce by 0220 GMT, up
0.5 percent compared to New York's notional close of $1,118.10.
U.S. gold futures for February delivery <GCG0> were at
$1,123.20, also up about 0.4 percent.
Wong Eng Soon, investment analyst at Phillip Futures Pte
Ltd, said he remained positive about gold's outlook for now.
"I'm quite optimistic on gold because ... although there
are expectations that the Fed will be raising rates, the
wording from the Fed's statement hasn't been changed yet,
meaning that they'll still keep rates low (for the time
being)," he said.
"I think gold will be quite well supported."
Higher rates typically boost the dollar and pressure gold,
which is often used as an alternative to the U.S. currency.
U.S. December employment data due out on Friday, which is
expected to shape the outlook for a rate hike from the Federal
Reserve, remained a focus in the market.
In the currency market, the ADP's employment report and ISM
non-manufacturing index for December were also attracting
attention, along with the minutes from the Fed's last policy
meeting, all due later in the day.
The dollar remained on the defensive against the yen on
Wednesday after falling sharply the previous day as traders
locked in gains on the greenback's rally over the past month
ahead of U.S. jobs data later this week. []
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,128.745 tonnes
as of Jan. 5, unchanged from the previous business day.
[]
The world's largest silver-backed exchange-traded fund, the
iShares Silver Trust <SLV>, said its silver holdings stood at
9,488.81 tonnes as of Jan. 5, down 0.04 percent from the
previous business day. []
Platinum, which had jumped to its highest price in well
over a year on Tuesday, lost some of its upward momentum on
Wednesday, although sister metal palladium continued to make
gains.
Anticipation of industrial demand spurred by strong
December sales by Ford Motor Co <F.N> had helped buying of
platinum and palladium, which are used as auto catalysts to
clean car exhaust fumes.
Strong economic data and any other indication suggesting a
robust economic recovery is likely to spur buying of both
metals again, traders said.
Platinum <XPT=> was at $1,528.00 per ounce, down a touch
from the New York notional close of $1,528.50, after earlier
falling to a low of $1,513.50.
It hit a 16-month high of $1,535.50 on Tuesday.
Palladium <XPD=> was at $419.50, up 0.4 percent from New
York's notional close. It rose to $424 in the previous
session, its strong level since July 2008.
PRICES
Precious metals prices at 0316 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1122.70 4.60 +0.41 2.46
Spot Silver 17.86 0.10 +0.56 6.12
Spot Platinum 1528.00 -0.50 -0.03 4.16
Spot Palladium 419.50 1.50 +0.36 3.45
TOCOM Gold 3334.00 8.00 +0.24 2.30
38002
TOCOM Platinum 4531.00 44.00 +0.98 3.42
11700
TOCOM Silver 53.20 0.70 +1.33 2.90
641
TOCOM Palladium 1245.00 -5.00 -0.40 6.87
414
Euro/Dollar 1.4354
Dollar/Yen 91.95
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Miho Yoshikawa; Editing by Clarence Fernandez)
