* Gold hits 2-week high, silver at 30-yr peak
* Gold expected to rise to $1,373 an ounce []
* Coming Up: U.S. personal income/spending for Sept; 1230
GMT
By Lewa Pardomuan
SINGAPORE, Nov 1 (Reuters) - Gold jumped to a two-week high
on Monday as investors expected more declines in the dollar
ahead of a U.S. Federal Reserve's policy meeting to shore up
the economy, while silver and palladium hit multi-year peaks.
Chart-based buying also picked up after bullion surpassed a
key resistance of $1,350 an ounce on Friday, lifting silver
<XAG=> to a 30-year high and palladium <XPD=> to its strongest
in nine years. Gold hit a record around $1,387 in mid-October.
The Fed is likely to announce new bond purchases to push
borrowing costs lower and energise a sluggish recovery when
its
two-day meeting ends on Wednesday. Economists polled by
Reuters expect the Fed to buy between $80 billion and $100
billion a month. []
Gold <XAU=> added $1.37 to $1,358.42 an ounce by 0323 GMT,
having hit an intraday high of $1,365.49. U.S. gold futures
<GCZ0> remained steady at $1,358.3 an ounce.
For a 24-hour technical outlook on gold, see:
http://graphics.thomsonreuters.com/WT/20100111093924.jpg
"Today, I am looking at some gains in gold in
follow-through strength. Particularly, if gold hits higher, I
think other precious metals like silver and palladium are
likely to be boosted as well," said Ong Yi Ling, investment
analyst at Phillip Futures.
"On palladium, there are also strong fundamentals," said
Ong, referring to a recent proposal to have U.S. heavy trucks
adhere to certain carbon emission standard.
The Obama administration has proposed that heavy trucks
reduce carbon emissions by 20 percent by 2018 as part of a
first-ever fuel efficiency standard for commercial vehicles.
[]
Palladium and its sister metal platinum are used in
autocatalysts to clean exhaust fumes.
Asian shares rallied on Monday, while the dollar struggled
to hold ground on speculation the Fed could further ease policy
when it meets this week by buying more U.S. government bonds.
[] []
The dollar is broadly under pressure after U.S. Treasury
yields dropped on Friday, with the two-year yielding falling
near a record low ahead of the Fed meeting this week.
"Sentiment is cautiously bullish before the Fed meeting
but
I think people are still talking about the price target of
$1,400," said a bullion dealer in Hong Kong.
"Silver is performing better than gold, but I don't see
much physical buying. We did see some purchases in gold but
there's also a bit of profit taking after it breached $1,360."
U.S. crude futures on Monday rose towards $82 a barrel on
support from a weaker dollar against the yen, regaining some
ground after falling nearly 1 percent late last week on
sluggish U.S. economic data. []
Precious metals prices at 0323 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1358.42 1.37 +0.10 23.98
Spot Silver 24.84 0.20 +0.81 47.59
Spot Platinum 1704.50 6.00 +0.35 16.19
Spot Palladium 644.75 1.75 +0.27 59.00
TOCOM Gold 3531.00 43.00 +1.23 8.35
43285
TOCOM Platinum 4460.00 36.00 +0.81 1.80
14368
TOCOM Silver 64.30 2.40 +3.88 24.37
1832
TOCOM Palladium 1671.00 26.00 +1.58 43.43
1130
Euro/Dollar 1.3981
Dollar/Yen 80.64
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Manash Goswami)
