* Gold rises on weaker-than-expected U.S. retail sales data
* Trading rangebound ahead of G20 summit news
* Eurozone in recession in Q3
(Adds comment/detail)
By Julie Crust
LONDON, Nov 14 (Reuters) - Gold rebounded on Friday after
worse-than-expected U.S. retail sales figures, but trading was
rangebound ahead of the Group of 20 summit in Washington.
Spot gold <XAU=> rose to $750.80 an ounce, reversing an
earlier decline, before trading at $744.15/746.50 an ounce at
1527 GMT, from $734.30 an ounce in New York late on Thursday.
U.S. gold futures for December delivery <GCZ8> rallied
$39.80 to $744.80 on the COMEX division of the New York
Mercantile Exchange.
"Gold jumped after the start of COMEX trading," said Tom
Kendall, precious metals strategist at Mitsubishi Corp. "It was
very quiet ahead of the U.S. rally and people are waiting to see
if anything positive will come out of the G20 meeting."
New York gold futures rose as disappointing U.S. retail
sales data triggered heavy buy-stops by bolstering gold's appeal
as an alternative investment.
"After the dip yesterday and late U.S. trading we are back
where we started the week really," said Kendall.
U.S. retail sales posted a bigger-than-expected record
decline in October, government data showed, as shoppers reined
in spending with home prices falling, although plunging gasoline
prices also reduced outlays by consumers. []
Gold rebounded from earlier lows, which were a result of
lower oil prices and a stronger dollar, but trading is
rangebound ahead of the weekend summit of industrialised and
emerging nations on the global financial crisis.
However the dollar eased off from gains against the euro
following an unexpected rise in U.S. consumer confidence.
The Reuters/University of Michigan Surveys of Consumers said
its index of confidence edged up to 57.9 in November from 57.6
in October. The index came in above economists' expectations of
56.0, according to the median of forecasts in a Reuters poll.
[]
The dollar has been rising since August when markets
realised the financial crisis and economic slowdown would not be
confined to the United States.
The euro zone economy fell into its first technical
recession in the third quarter, boosting expectations that the
European Central Bank would cut interest rates in December.
[]
However, dealers said they expected steady physical buying
from India, the world's main gold consumer, would also aid
prices during the traditional wedding season, which runs until
early 2009. []
Platinum <XPT=> traded at $835.00/855.00 from 821.50 an
ounce.
Prices of the metal used to make autocatalysts have plunged
about 64 percent since a record high of $2,290 hit in March.
Johnson Matthey <JMAT.L>, the world's top platinum refiner
and fabricator, will release its keenly awaited interim review
on Tuesday.
"Johnson Matthey has the potential to influence the price of
platinum and palladium in the sort term," said Kendall.
Palladium <XPD=> was at $213.00/221.00 from $210.00 on
Thursday and silver <XAG=> at $9.55/9.63 from $9.38.
(Reporting by Julie Crust; editing by Karen Foster)
