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PRECIOUS-Gold steady on physical buying; eyes on U.S. payrolls

06.01.2011 , Reuters

* Gold to consolidate in $1,360-$1,380/oz

* Gold may drop to $1,355-technicals [ID:nL3E7C601Z]

* Coming up: euro zon business climate; 1000 GMT (Updates with revised U.S. nonfarm payrolls estimate, prices)

By Rujun Shen

SINGAPORE, Jan 6 (Reuters) - Spot gold held steady on Thursday, supported by bargain hunting on the physical market, but optimism spurred by strong U.S. private employment data and hopes of a positive showing from Friday's nonfarm payrolls number weighed on sentiment.

The number of U.S. private-sector jobs surged in December at a rate three times stronger than forecast, payrolls processing company ADP Employer Services said on Wednesday.

Private employers added 297,000 jobs last month, the largest gain on ADP records dating to 2000. The ADP report, ahead of government employment data due on Friday, added to growing evidence that recovery in the world's largest economy is shifting up a gear. [ID:nN05276072]

"Recent U.S. data has been very positive, weighing on gold prices," said Hou Xinqiang, an analyst at Jinrui Futures in China.

"In addition, there hasn't been any new momentum pushing gold above the record level. If we don't see any drastically bad news on the macroeconomic front, gold's performance might be lackluster in the short term."

Spot gold lost 0.1 percent to $1,375.8 an ounce by 0638 GMT, after falling to a three-week low of $1,363.8 in the previous session.

U.S. gold futures gained 0.2 percent to $1,376.6.

Spot gold is expected to zigzag down towards $1,355 per ounce, a Reuters market analyst Wang Tao said, adding volatility could be low on Thursday and Friday, with a price band between $1,355 and $1,375, as indicated by a small descending channel. [ID:nL3E7C601Z]

For a 24-hour gold technical outlook:

http://graphics.thomsonreuters.com/WT/20110601091236.jpg

But the downside was limited by bargain hunting on the physical market, dealers said.

"We see very good physical demand help pushing gold from below $1,370 to the current level," said a Hong Kong-based dealer.

U.S. nonfarm payrolls are now expected to have increased 175,000 in December, according to a revised Reuters poll, up from the previous pre-ADP 140,000 forecast. [ID:nN05284674]

The dollar was steady on Thursday, maintaining overnight gains, and could strengthen more after strong private employment data lifted expectations for Friday's U.S. payrolls number.

"If the payrolls data meets or exceeds expectations, it will have some pressure on gold in the short term. But this year gold is still on uptrend," said the dealer, adding that gold is likely to consolidate in the range of $1,360 to $1,380.

Looming large for the market is the index rebalancing period, due to start later this week, when index funds invested in commodities add risk to under-exposed markets and pare back from overly-weighted commodities.

For a factbox on commodity index rebalancing in 2011, click [ID:nN04227523]

Silver, which rose by more than 80 percent in 2010, might go under pressure from the rebalancing act, for the short term.

Spot silver gained 0.3 percent to $29.34 an ounce, recovering from a three-week low of $28.57 in the previous session.

Spot palladium lost 0.3 percent to $770.47, up from a 1-1/2 week low of $746.08 hit on Wednesday.

Precious metals prices 0638 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1375.80 -1.85 -0.13 -3.08 Spot Silver 29.34 0.10 +0.34 -4.93 Spot Platinum 1729.74 3.24 +0.19 -2.14 Spot Palladium 770.47 -2.53 -0.33 -3.63 TOCOM Gold 3691.00 26.00 +0.71 -1.02 52607 TOCOM Platinum 4694.00 48.00 +1.03 -0.04 19363 TOCOM Silver 78.80 0.30 +0.38 -2.72 1605 TOCOM Palladium 2078.00 20.00 +0.97 -0.91 893 Euro/Dollar 1.3141 Dollar/Yen 83.17 TOCOM prices in yen per gram. Spot prices in $ per ounce. (Editing by Himani Sarkar)

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