* Silver hits new 30-year high; palladium 9-year peak
* Gold may rise to $1,430 - technicals []
* Coming up: U.S. Redbook; 1255 GMT
By Rujun Shen
SINGAPORE, Nov 9 (Reuters) - Gold rose to a record high for
the fourth straight session on Tuesday, as inflation worries
and euro zone sovereign debt woes continue to lure investors to
precious metals.
Spot silver <XAG=> hit a new 30-year high just below $28,
and palladium <XPD=> extended gains to a new nine-year peak of
$712.75.
Spot gold <XAU=> rose to an all-time high of $1,412.75 an
ounce, before easing to $1,410.45 by 0339 GMT.
"Liquidity is being thrown into the market place, the
dollar is being debased as a way the U.S. government can get
out of debt obligations, while Asian central banks keep buying
dollars and keep their currencies cheap. Hard assets are just
going to continue to benefit," said a Singapore-based trader.
"There is a good arguement for these metals go to up. There
is a lot of momentum to buy."
The target for this round of rally could be $1,475 or even
$1,500, in the next three weeks, the trader added.
Holdings in the world's largest gold-backed exchange traded
fund, SPDR Gold Trust <GLD>, gained 2.43 tonnes to 1,294.196
tonnes, their highest so far this month. []
Gold is expected to rise towards $1,430 per ounce, as the
uptrend is steady and a wave "5" is advancing, said Wang Tao, a
Reuters technical analyst. []
For a graphic showing the 24-hour gold technical outlook,
see:
http://graphics.thomsonreuters.com/WT/20100911094251.jpg
The dollar was steady, while the euro traded just below
1.3900 after having fallen for a second straight session,
weighed by disappointing German data and heightened concerns
about peripheral euro zone debt. []
But the dollar has weakened steadily since June against a
basket of currencies on concerns about U.S. monetary and fiscal
policies. <.DXY>
EU Economics Commissioner Olli Rehn said on Monday he had
not discussed any need for a European Union bailout with
Ireland, adding he believed market confidence would be restored
once the country published its four-year plan to cut debt.
[]
Gold prices have climbed nearly five percent since the U.S.
Federal Reserve announced last Wednesday its plans to purchase
$600 billion worth of government bonds, and silver 13 percent.
"Anticipation on inflation, in addition to existing
inflation in some countries, has fuelled a sharp rally across
the board in commodities," said Hou Xinqiang, an analyst at
Jinrui Futures in China.
"We don't see any chance that the U.S., euro zone nations,
or Japan would pull out of easy monetary policies any time
soon, so inflation worries will continue to be a reason for
speculative trades."
Seasonal high demand is also supporting prices, he said.
"We saw some buying this morning. And not stop-loss buying,
but purchases based on the belief that prices will continue to
rise," said a Singapore-based dealer.
Scrap selling is scant, and both customers and speculators
remained cautious ahead of the group of 20 meeting on Thursday
and Friday, which may give fresh clues on the direction of the
dollar, said the dealer.
Take a look at G20 coverage, click []
Precious metals prices at 0339 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1410.45 1.36 +0.10 28.73
Spot Silver 27.90 0.21 +0.76 65.78
Spot Platinum 1770.99 -0.51 -0.03 20.72
Spot Palladium 709.97 4.75 +0.67 75.09
TOCOM Gold 3676.00 34.00 +0.93 12.80
51489
TOCOM Platinum 4654.00 22.00 +0.47 6.23
10463
TOCOM Silver 72.70 2.40 +3.41 40.62
2184
TOCOM Palladium 1852.00 67.00 +3.75 58.97
995
Euro/Dollar 1.3886
Dollar/Yen 80.81
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
