* Gold strikes record, silver above $41 an ounce
* Gold is heading towards $1,518-technicals []
* Coming Up: France Industrial output mm Feb 2011; 0645 GMT
(Updates prices, adds quotes)
SINGAPORE, April 11 (Reuters) - Gold jumped to a record high for a fifth
straight trading day on Monday as the euro hit a 15-month high against the U.S.
dollar, while an increase in exchange traded fund holdings to an all-time high
helped silver to its highest in more than three decades.
Heightened inflationary threats despite interest hikes by China and the
European Central Bank boosted gold's safe haven appeal, while silver also
attracted buying from investors looking for a cheaper alternative to bullion.
The gold-to-silver ratio was at a 28-year low around 35.
Spot gold added $2.40 an ounce to $1,475.10 an ounce by 0133 GMT,
having risen as high as $1,476.21.
"I think there is a good chance that gold could hit $1,500 an ounce within
this quarter. And perhaps even higher if we see the weakness in the dollar
persist and the Federal Reserve continues their relatively easy monetary
policy," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
"This week, perhaps, the focus could be on whether the Federal Reserve
actually indicates to the market whether they will be exiting their loose
monetary policy, and whether they display any hawkish signals."
Spot gold is heading towards $1,518 per ounce based on its wave
pattern and a Fibonacci projection analysis, according to Wang Tao, a Reuters
market analyst for commodities and energy technicals.
For a 24-hour gold technical outlook: http://graphics.thomsonreuters.com/WT1/20111104085523.jpg
Spot silver rose as high as $41.52 an ounce, its strongest in 31
years. IShares Silver Trust said its holdings hit another record at
11,242.89 tonnes by April 8 from 11,192.80 tonnes on April 7.
The yen stayed on the backfoot on Monday, while while the euro extended
gains to 15-month highs around $1.4488 , paving the way for a test of
$1.4582, the January 2010 high.
The ECB raised rates by 25 basis points at its April meeting last week and
signalled it was ready to tighten further if needed to check rising prices, but
in contrast, both the Fed and Bank of Japan are expected to keep interest rates
near zero for an extended period of time.
Janet Yellen, Fed Vice Chair, said on Saturday the U.S. economy is still not
strong enough for the Fed to start reversing its extremely accommodative
monetary policy. []
NY Fed chief William Dudley speaks later on Monday and should also sound
dovish.
U.S. gold futures for June added $2.50 an ounce to $1,476.6 an ounce
after rising to a record at $1,478 an ounce.
Brent crude <LCOc1> fell by more than $1 on Monday to $125.60 a barrel after
the African Union said Muammar Gaddafi has accepted a roadmap for ending the
civil war in Libya including an immediate ceasefire.
Japan's Nikkei benchmark fell on Monday after higher oil prices hit U.S.
stocks on Friday.
Precious metals prices 0133 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1475.10 2.40 +0.16 3.92
Spot Silver 41.44 0.59 +1.44 34.28
Spot Platinum 1808.24 4.49 +0.25 2.30
Spot Palladium 800.25 9.50 +1.20 0.09
TOCOM Gold 4027.00 4.00 +0.10 7.99 38156
TOCOM Platinum 4949.00 3.00 +0.06 5.39 9023
TOCOM Silver 112.80 2.90 +2.64 39.26 1773
TOCOM Palladium 2190.00 26.00 +1.20 4.43 279
Euro/Dollar 1.4446
Dollar/Yen 84.72
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Michael Urquhart)
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