* Silver hit new 30-year high; palladium 9-year peak
* Vietnam said considering importing gold if prices high
* Coming up: U.S. initial jobless claims; 1230 GMT
(Updates prices)
By Rujun Shen
SINGAPORE, Oct 7 (Reuters) - Spot gold hit an all-time peak
for a third straight trading session, rising above $1,355 on
Thursday on a weak dollar and after Vietnam said it may allow
gold imports if prices keep rising.
Spot gold <XAU=> hit record highs in three consecutive
sessions, with the latest at $1,355.55. It eased to $1,354.45
by 0558 GMT.
U.S. gold futures for December delivery <GCZ0> hit a fresh
record high at $1,356 an ounce, before easing slightly to
$1,355.7.
Vietnam's central bank said on Thursday it would consider
granting permits for gold imports if prices in the domestic
market rose "unreasonably high." []
"People are going to focus on the fact that Asian physical
market will be tight. Last time Vietnam opened door to gold
imports, gold went up $20. In percentage term, it could
translate into $30 today," said a Singapore-based trader.
"People have spent the last 24 hours taking profit. We saw
a lot of profit-taking in gold and silver through yesterday and
this morning in the 1,340s. These guys are looking to buy the
dip at 1,320s. If we properly trade through $1,355, they might
have to chase it."
Strong momentum is seen continuing for gold's bull run, and
a new target at $1,365 for the next 24 hours is established, as
the wave '5" progresses towards the upper channel line
resistance, according to Reuters market analyst Wang Tao.
Dollar weakness has been fueling the rally in gold, up 8
percent over the past month, as economic uncertainties and
speculation on more monetary easing by central banks drive
investors to bullion as an alternative investment. []
ADP's national employment report said U.S. private
employers unexpectedly shed jobs in September, reinforcing the
conviction that the U.S. Federal Reserve as early as next month
will embark on another round of monetary policy stimulus to
support the economic recovery. []
"By the year-end, most likely $1,400 will not be a
difficult target," said Dick Poon, manager of precious metals
at Heraeus in Hong Kong.
"But there is resistance at $1,350 level, and there may be
consolidation coming up which may pull gold down $20 to $30.
But I'm still bullish."
Poon added physical demand in the region stayed buoyant in
spite of record high prices, thanks to high demand in India's
festive season and from manufacturers that are trying to finish
orders before the end of the year.
Spot silver <XAG=> hit a new 30-year high at $23.39 an
ounce, and was last quoted at $23.26.
Holdings in the iShares Silver Trust <SLV>, the world's
largest silver-backed, exchange-traded fund, rose to a fresh
record high of 9,944.14 tonnes.
In comparison, holdings in the SPDR Gold Trust remained
unchanged for two straight days. []
Platinum group metals followed the rally in gold. Spot
platinum <XPT=> rose to $1,718, its highest since mid-May.
Palladium <XPD=> hit a new nine-year peak at $592.5.
Precious metals prices at 0558 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1354.45 8.65 +0.64 23.62
Spot Silver 23.26 0.13 +0.56 38.21
Spot Platinum 1714.50 19.50 +1.15 16.87
Spot Palladium 589.08 10.33 +1.78 45.27
TOCOM Gold 3618.00 7.00 +0.19 11.02
40998
TOCOM Platinum 4590.00 22.00 +0.48 4.77
13419
TOCOM Silver 62.20 0.60 +0.97 20.31
1134
TOCOM Palladium 1580.00 30.00 +1.94 35.62
638
Euro/Dollar 1.3926
Dollar/Yen 82.86
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
