(Updates prices)
By Risa Maeda
TOKYO, May 16 (Reuters) - Gold rose on Friday as the dollar
fell versus the yen and the euro, although crude oil prices were
little changed after paring early gains.
The dollar came under pressure from the contrast between
signs of a deteriorating U.S. jobs and manufacturing picture with
forecast-beating growth figures from the euro zone and Japan.
[]
Trade was slow, however, as many investors are now focused on
the oil market, resulting in a halt or even an outflow of money
in non-oil commodities, in particular precious metals.
Underlining a fall in investor appetite in the gold market,
gold holdings in the world's largest exchange-traded fund (ETF)
for bullion, StreetTRACKS Gold Shares <XAUEXT-NYS-TT>, fell
slightly after hitting a peak last week.
Also, gold has been stuck in an $850-$890 band this month.
"Trade is centred in the crude oil market as investors are
prepared for inflation. They also buy stocks, but not the other
commodities," said Yuki Sonoda, an adviser at Japanese brokerage
Daiichi Commodities Co.
"The crude oil market has been consolidating after hitting a
record high. But there are signs it is gaining momentum, showing
a sharp contrast to the gold market," he said.
Spot gold <XAU=> was at $883.05/884.05 an ounce as of 0842
GMT, compared with $881.55/882.75 in late New York trade on
Thursday, when it hit a high of $887.50 on a weakening dollar.
Gold held in StreetTRACKS Gold Shares fell to 583.93 tonnes
this week after topping 590 tonnes earlier this month in a brief
recovery from a seven-month trough of 580.46 tonnes.
The euro was at $1.5495 <EUR=>, up 0.3 percent from late New
York trade on Thursday.
Against the yen, the dollar fell slightly to 104.56 yen
<JPY=>, having slipped from around 104.89 yen after data showed
Japan's economy grew 0.8 percent in January-March from the
previous quarter, above market expectations for a 0.6 percent
increase. []
It was an annualised rise of 3.3 percent, compared with just
0.6 percent in the United States for the same period.
Oil prices were flat in late Asian trade after easing from a
earlier high above $125 a barrel.
U.S. crude for June delivery <CLc1> was unchanged at $124.12,
off a record near $127 marked on Tuesday.
The most active June gold futures contract <GCM8> on the
COMEX division of the New York Mercantile Exchange rose $3.8 to
$883.8 an ounce.
Yen-based gold futures for distant April delivery <0#JAU:> on
the Tokyo Commodity Exchange closed up 45 yen a gram at 2,989
yen.
Spot platinum <XPT=> stood at $2,090/2,150 an ounce, up from
$2,079/2,094 in New York on Thursday, when it hit a one-week
trough of $1,988.50.
Platinum has been supported around $2,000 this week amid
speculation that platinum specialist Johnson Matthey <JMAT.L> may
provide a bullish outlook in an annual report on platinum group
metals due next week.
Daiichi Commodities' Sonoda said scattered buying by Japanese
auto makers has propped up the white metal this month.
Palladium <XPD=> was at $433.50/441.50 an ounce, up from
$432/440 in late New York. Silver <XAG=> was at $16.80/16.86 an
ounce, higher than $16.70/16.76 in New York.
Precious metals prices at 0849 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 882.85 2.40 +0.27 6.02
Spot Silver 16.79 0.13 +0.78 13.68
Spot Platinum 2081.50 5.50 +0.26 36.94
Spot Palladium 433.50 2.00 +0.46 17.80
TOCOM Gold 2989.00 45.00 +1.53 -2.32 37212
TOCOM Platinum 6750.00 186.00 +2.83 26.43 26328
TOCOM Silver 571.90 4.00 +0.70 5.71 721
TOCOM Palladium 1510.00 30.00 +2.03 11.77 1246
Euro/Dollar 1.5502
Dollar/Yen 104.43
(Reporting by Risa Maeda)
