* Gold edges up, platinum below multi-month highs
* Coming up: France Industrial output mm at 0745 GMT
SINGAPORE, Feb 11 Gold edged up despite a
volatile euro on Monday, with thin trade due to the Lunar New
Year break exaggerating movements, while platinum and palladium
hovered below their strongest levels in 17 months.
"I don't think there are many other influences in the
market, certainly in the Asian market anyway, beyond currencies
right now. So I think it's very much going to be the case of
watch the dollar index," said Nick Trevethan, senior metals
strategist at ANZ in Singapore.
"We could see prices push up a little higher, probably to
$1,672.90. And the bottom is probably around $1,665. It's a very
narrow trading range."
In theory, a stronger U.S. dollar makes bullion more
expensive for holders of other currencies, while rising oil
prices should lift gold's status as a hedge against inflation,
Gold hit a high of $1,669.31 an ounce and stood at
$1,667.96 by 0637 GMT, up $1.07 from the previous close.
Japan, China, Hong Kong, Singapore, South Korea and Taiwan are
among the major centres in Asia closed on Monday for holidays.
U.S. gold rose $1.80 an ounce to $1,668.70 an
Elsewhere, data from the U.S. Commodity Futures Trading
Commission could point to renewed interest in the metal as an
inflation-hedge. Speculators raised net longs in gold by 4,845
lots to 86,926 in the week to Feb. 5, the CFTC's Commitments of
Traders report said.
Gold rallied to a record of around $1,920 in September 2011,
when a worsening debt crisis in Europe sparked a buying rush.
The euro briefly dipped to a two-week low for a fleeting
moment on Monday, while Brent oil futures fell slightly although
data showing stronger than expected demand growth in China
Platinum and palladium ticked lower in
directionless trade. Year to date, platinum group metals have
outperformed gold and silver on a combination of supply worries
and recovering auto demand.
SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.23 percent to
1326.89 tonnes on Friday from 1329.90 tonnes on Thursday.
Precious metals prices 0637 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1667.96 1.07 +0.06 -0.39
Spot Silver 31.49 0.10 +0.32 4.00
Spot Platinum 1712.49 -0.51 -0.03 11.56
Spot Palladium 750.46 -2.04 -0.27 8.45
COMEX GOLD APR3 1668.70 1.80 +0.11 -0.42 5134
COMEX SILVER MAR3 31.51 0.07 +0.22 4.23 1005
COMEX gold and silver contracts show the most active months
(Reporting by Lewa Pardomuan; Editing by Joseph Radford)