* Silver hits new 30-year high; palladium 9-year peak
* Gold may rise to $1,430 - technicals []
* Vietnam allows gold imports to stablise local market
* Coming up: U.S. Redbook; 1255 GMT
(Adds Vietnam's move to allow gold imports, updates prices)
By Rujun Shen
SINGAPORE, Nov 9 (Reuters) - Gold rose to a record 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 of $28.16, and
palladium <XPD=> extended gains to a new nine-year peak of
$714.25. Spot gold <XAU=> rose to an all-time high of $1,414.60
an ounce, before easing to $1,413.50 by 0706 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," said a
Singapore-based trader.
"Hard assets are just going to continue to benefit. There
is a good argument for these metals to go 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.
Vietnam's central bank said it would relax a gold import
ban and allow in "reasonable volumes" to stabilise the domestic
market, a move that is expected support sentiment.
[]
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 24-hour technical outlook on gold, see:
http://graphics.thomsonreuters.com/WT/20100911094251.jpg
The euro's losses deepened on Tuesday as resurfacing
concerns about peripheral euro zone debt kept it under pressure
and as some players closed long euro plays against the dollar
ahead of year-end book-closing. []
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.
"There was good buying today despite high prices, both from
Thailand and speculators," said a Singapore-based dealer.
The dealer said 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 []
Silver <XAG=> rose 1.5 percent to $28.11 an ounce, leading
the precious metals complex.
Precious metals prices at 0706 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1413.50 4.41 +0.31 29.00
Spot Silver 28.11 0.42 +1.52 67.02
Spot Platinum 1773.85 2.35 +0.13 20.92
Spot Palladium 711.47 6.25 +0.89 75.45
TOCOM Gold 3681.00 39.00 +1.07 12.95
69957
TOCOM Platinum 4661.00 29.00 +0.63 6.39
14651
TOCOM Silver 73.20 2.90 +4.13 41.59
3154
TOCOM Palladium 1866.00 81.00 +4.54 60.17
1305
Euro/Dollar 1.3867
Dollar/Yen 80.88
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Manash Goswami)
