UPDATE 2-Gold bounces on bargain hunting, off 4-month low

(Updates prices, adds quotes)

By Lewa Pardomuan

SINGAPORE, May 5 (Reuters) - Gold rebounded on Monday as
bargain hunters snapped up bullion after a fall to a four-month
low last week, but trading was thin in the absence of Japanese
speculators.

Gold XAU= rose to $863.20/864.45 an ounce from
$855.80/857.00 an ounce late in New York on Friday, when it
tumbled to $845 an ounce, its lowest since Jan. 2, after the
dollar jumped on better-than-expected U.S. jobs data.

It has lost more than 16 percent in value since spiking to
a record high of $1,030.80 an ounce on March 17. Tokyo precious
metal futures markets are closed on Monday and Tuesday for
public holidays.

"I think given that we have a relatively strong rally in
oil, we're certainly finding some good support," said Darren
Heathcote of Investec Australia in Sydney.

"I think the current resistance will be around $868. I
guess that recent lows around $845 are probably going to
support," said Heathcote, adding that gold was consolidating
after the recent drop.

Oil CLc1 barely moved around $116 a barrel on Monday,
pausing after jumping more than 3 percent last week on further
supply disruptions in Nigeria and tensions between Iran and the
West. [ID:nSYD148370]

The euro inched up to 1.5460 EUR= but was well off April's
record highs around $1.6018. The dollar firmed on Friday after
U.S. payrolls fell by a surprisingly small 20,000 in April,
while the jobless rate actually dipped to 5.0 percent.

Gold futures for June delivery GCM8 on the COMEX division
of the New York Mercantile Exchange rose $7.0 an ounce to
$865.0 an ounce.

"Some people are bidding up the futures market and that's
pushed up spot prices. But the market is really quiet with the
Japanese on holiday," said a dealer in Hong Kong.

"We'd probably trade in the $860 to $870 range today."

Spot platinum XPT= rose to $1,897/1,907 an ounce from
$1,861/1,881 late in New York.

Silver XAG= edged up to $16.61/16.68 an ounce from
$16.32/16.38 an ounce. Spot palladium XPD= rose to $411/419
an ounce from $410/418 late in New York.
Precious metals prices at 0347 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 863.05 7.60 +0.89 3.64
Spot Silver 16.61 0.25 +1.53 12.46
Spot Platinum 1887.00 -4.00 -0.21 24.14
Spot Palladium 411.50 -2.00 -0.48 11.82
TOCOM Gold 2907.00 -24.00 -0.82 -5.00
66059
TOCOM Platinum 6035.00 -176.00 -2.83 13.04
31700
TOCOM Silver 553.00 -11.30 -2.00 2.22
1648
TOCOM Palladium 1393.00 -25.00 -1.76 3.11
2780
Euro/Dollar 1.5472
Dollar/Yen 105.21
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Ben Tan)