* Gold firms, silver near highest since early 2008
* Coming Up: U.S. Retail sales mm; 1230 GMT Aug
* For the technical outlook on gold, click []
(Updates prices)
By Lewa Pardomuan and Rujun Shen
SINGAPORE, Sept 14 (Reuters) - Gold ticked up on Tuesday as
the U.S. dollar slipped against other currencies and physical
demand picked up, while silver was steady near its strongest
since early 2008 on hopes of a recovery in the global economy.
Palladium, used in jewellery and autocatalysts, hit a
four-month high on fund buying related to gains in equities and
base metals, lifting sister metal platinum.
Spot gold <XAU=> added $3.75 an ounce to $1,249.00 an ounce
by 0527 GMT after lacklustre trade on Monday. Gold struck a
record around $1,294 an ounce in June.
"Physical demand is picking up, mostly in India and China,
as people are trying to finish their Christmas orders," said
Dick Poon, manager at Heraeus in Hong Kong. "It's already
September."
For a 24-hour technical outlook on gold:
http://graphics.thomsonreuters.com/WT/20101409085713.jpg
Dealers in Singapore said high prices attracted selling but
there were also bargain hunters, keeping premiums steady at
between 50 and 80 cents to the spot London prices.
<GOLD/ASIA1>
"We've seen a two-way market here, but still, there's good
physical demand from Thailand," said dealer. "Indonesian
clients are still away for holiday."
U.S. gold futures for December delivery <GCZ0> rose $4.2 an
ounce to $1,251.3 as dealers shrugged off a slight decline in
holdings in the world's largest gold-backed exchange-traded
fund.
SPDR Gold Trust <GLD.P> said its holdings dropped to
1,292.619 tonnes by Sept 13 from 1,293.531 tonnes by Sept 10.
The holdings hit a record 1,320.436 tonnes on June 29.
[]
The dollar was near a one-month low against a basket of
currencies on Tuesday after suffering its steepest fall against
the euro in two months the previous day on investors' rising
risk appetite. []
Silver <XAG=> was steady at $20.13 an ounce, having hit a
high at $20.22 on Monday, its highest since March 2008, as
rallies in equities and a 13.9 percent rise in China's
industrial output boosted industrial metals. []
But dealers said there was a lack of physical buying in
silver, which is used in jewellery, photography and
electronics, while gains in platinum group metals <XPD=> <XPT=>
were also driven by fund buying.
"So far we have never seen any strong buying of palladium
from the industrial sector," said a physical dealer in Tokyo,
who trades platinum group metals. "I suppose there's some
buying by funds and investment banks."
The Nikkei dropped on Tuesday after hitting a three-week
closing high the day before, but sentiment was upbeat as U.S.
stocks advanced to their highest levels in five weeks on Monday
on upbeat Chinese factory data and new global banking rules.
[] []
In the energy market, oil was steady near one-month highs
ahead of inventory reports expected to show crude stock draws
as the shutdown of the biggest Canada-U.S. pipeline entered a
fifth day.
Precious metals prices at 0527 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1249.00 3.75 +0.30 13.99
Spot Silver 20.16 0.14 +0.70 19.79
Spot Platinum 1562.85 19.20 +1.24 6.53
Spot Palladium 537.50 12.55 +2.39 32.55
TOCOM Gold 3359.00 -14.00 -0.42 3.07
32260
TOCOM Platinum 4227.00 22.00 +0.52 -3.52
10068
TOCOM Silver 54.30 0.30 +0.56 5.03
449
TOCOM Palladium 1443.00 39.00 +2.78 23.86
656
Euro/Dollar 1.2877
Dollar/Yen 83.41
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)
(lewa.pardomuan@thomson reuters.com; +65 6870 3834; Reuters
Messaging: lewa.pardomuan.reuters.com@reuters.net))
