* Dollar steady after hitting 10-month low on Thursday
* Gold could retrace to $1,365 - technicals []
* Coming up: U.S. Fed Chairman Bernanke speaks; 1215 GMT
(Updates prices)
By Rujun Shen
SINGAPORE, Oct 15 (Reuters) - Gold was steady on Friday,
pausing from a record-breaking rally, as investors await U.S.
economic data and a speech from Federal Reserve Chairman Ben
Bernanke for cues on monetary policy.
A fresh batch of U.S. economic data, including inflation
and retail sales, is due later in the day, after
weaker-than-expected weekly jobless claims numbers on Thursday
helped propel gold to a record high of $1,387.10.
Federal Reserve Chairman Ben Bernanke is also scheduled to
speak on the monetary policy later in the day.
"There are a few things tonight the market would want its
teeth stuck into. They obviously help colour the picture and
clarify whether or not the Fed would come forward with QE2 (a
second round of quantitative monetary easing), and if it does,
by how much," said Darren Heathcote, head of trading at
Investec Australia.
Spot gold <XAU=> gained 0.3 percent to $1,380.35 an ounce
by 0628 GMT, on course for a 2.1 percent gain from a week
earlier and a fifth consecutive week of gains.
The dollar was steady on Friday, off the 10-month low hit
against a basket of currencies the previous day as investors
trimmed short positions in the greenback following its recent
slide. []
Gold is likely to retrace to $1,365 an ounce before moving
towards the target of $1,404 early next week, according to Wang
Tao, a Reuters market analyst. []
The physical gold market saw thin trade, as traders moved
to the sidelines after prices kept breaking records.
"All are hiding. Jewellers are not selling much. People are
not very confident in the dollar, and are looking at the $1,400
level for gold," said a Singapore-based dealer.
"We are seeing some buying from speculators, but not users.
Even bullion traders are hiding."
Purchases from China kept premium for gold bars steady at
70 cents to spot London prices in Hong Kong, boosted by Chinese
investors put off by the volatile stock market and government
move to curb speculation on property. []
Holdings in the SPDR Gold Trust <GLD.P>, the world's
largest gold-backed exchange-traded fund, gained 1.5 percent
from the previous day to 1,304.342 tonnes, regaining nearly all
the outflow from the fund this month. []
"Gold has had a very strong rise, which obviously is
encouraging people to get on board. People are happy to stay
invested and to go even longer," said Heathcote.
Spot silver <XAG=> also posted gains, up half a percent at
$24.74 an ounce, after hitting a 30-year high of $24.90 on
Thursday. Silver is posed to gain 6.7 percent this week, on a
five-week winning streak, matching a similar rally in early
2009.
iShares Silver Trust <SLV> said its holdings rose 38.03
tonnes to an all-time high at 10,163.20 tonnes by Oct. 14.
Spot palladium <XPD=> rose to a nine-year high of $603.50
an ounce in early Asian trade, before easing to $599.
Precious metals prices at 0628 GMT Metal Last
Change Pct chg YTD pct chg Turnover Spot Gold 1380.35
3.60 +0.26 25.98 Spot Silver 24.74 0.13
+0.53 47.00 Spot Platinum 1706.00 1.85 +0.11
16.29 Spot Palladium 599.00 1.55 +0.26 47.72 TOCOM
Gold 3608.00 -2.00 -0.06 10.71 42305 TOCOM
Platinum 4476.00 -24.00 -0.53 2.17 8953 TOCOM
Silver 64.80 0.60 +0.93 25.34 2236 TOCOM
Palladium 1574.00 -2.00 -0.13 35.11 652
Euro/Dollar 1.4067 Dollar/Yen 81.16
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Michael Urquhart)
