(Updates headline, lead, prices, adds TOCOM settlements)
SINGAPORE, May 26 (Reuters) - Gold edged down on Monday after last week's rally as oil prices resumed their march upwards and the U.S. dollar steadied at near a one-month low.
Spot gold <XAU=> stood at $923.40/924.40 an ounce by 0850 GMT, down from $925.20/926.60 in New York late last week, and off earlier offers at above $928 an ounce.
Bullion rose nearly 3 percent last week when oil prices rose above $135 a barrel for the first time on record.
"Oil demand has been far more resilient to higher prices than expected and prices continue to go higher. Gold is seeing a catch-up rally, pricing further expectation of rising oil," Mark Pervan, senior commodities analyst at ANZ, said.
Spot gold rose as high as $935.30 last Thursday, its highest level in a month on the day that oil prices rose above $135.00.
"Gold could revisit the high $900s if oil maintains these kinds of levels and the dollar weakens, but the natural limit is $1,000 and we would struggle to get back through that level," Pervan added.
Oil rose above $133 a barrel on Monday, and was up 82 cents at $133.01 a barrel by 0839 GMT on new supply threats.
A supply outage on the Statfjord oilfield in the North Sea over the weekend added short-term concerns to longer-term worries that supply will struggle to keep up with demand over the next few years. [O/R]
The weaker U.S. dollar also added to gold's appeal as an alternative currency, with the greenback steadying at near one-month lows against a basket of major currencies on Monday on concerns that the record-high oil prices could further slow the U.S. economy and add to inflation pressures. [USD/]
The dollar index was little changed on the day at 72.030 <.DXY>, up 0.08 percent, and within sight of one-month lows of 71.823 struck last week.
Noncommercial investors in U.S. gold futures turned bullish last week, hiking their long positions by around 20 percent in the week to May 20, data from the U.S. Commodity Futures Trading Commission showed on Friday.
Noncommercial investors, often referred to as speculators, were net long on 182,119 lots of gold on the New York Mercantile Exchange's COMEX metals division, up from 152,938 lots a week earlier. [ID:nN23287593]
Gold futures for June delivery <GCM8> on the COMEX division of the New York Mercantile Exchange fell $0.80 to $925.00 an ounce.
Benchmark April gold <0#JAU:> on the Tokyo Commodity Exchange settled unchanged at $3,105 yen per gram.
Spot platinum <XPT=> rose to $2,173.00/2,193.00 an ounce from $2,156.50/2,176.50 late in New York.
The most active Tokyo platinum futures contract <0#JPL:> settled 40 yen per gram lower to 7,043 yen.
Silver <XAG=> was largely steady from last week at $18.16/18.23 an ounce, down from last Friday's $18.26 high, which was its highest level since April 18.
Spot palladium <XPD=> was largely steady at $450/$454 an ounce.
(Reporting by Maryelle Demongeot and Nick Trevethan; Editing by Clarence Fernandez) ((maryelle.demongeot@reuters.com; + 65 6870 3093; Reuters messaging: maryelle.demongeot.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for:
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(Updates lead, prices)
SINGAPORE, May 26 (Reuters) - Gold edged up towards $928 an ounce on Monday, continuing last week's rally as oil prices resumed their march upwards and the U.S. dollar steadied at near a one-month low.
Spot gold <XAU=> stood at $926.80/928.20 an ounce by 0709 GMT, up 0.2 percent from $925.20/926.60 in New York late last week, and looking to more gains after it rose nearly 3 percent on the week when oil prices rose above $135 a barrel for the first time on record.
"Oil demand has been far more resilient to higher prices than expected and prices continue to go higher. Gold is seeing a catch-up rally, pricing further expectation of rising oil," Mark Pervan senior commodities analyst at ANZ, said.
Spot gold rose as high as $935.30 last Thursday, its highest level in a month on the day that oil prices rose above $135.00.
"Gold could revisit the high $900s if oil maintains these kinds of levels and the dollar weakens, but the natural limit is $1,000 and we would struggle to get back through that level," Pervan added.
Oil rose towards $133 a barrel on Monday, standing at $132.80 a barrel, up 61 cents by 0716 GMT, as a supply outage on the Statfjord oilfield in the North Sea over the weekend added short-term concerns to longer-term worries that supply will struggle to keep up with demand over the next few years. [O/R]
The weaker U.S. dollar also added to gold's appeal as an alternative currency, with the greenback steadying at near one-month lows against a basket of major currencies on Monday on concerns that the record-high oil prices could further slow the U.S. economy and add to inflation pressures. [USD/]
The dollar index was little changed on the day at 71.970 <.DXY>, down 0.01 percent, and within sight of one-month lows of 71.823 struck last week.
Noncommercial investors in U.S. gold futures turned bullish last week, hiking their long positions by around 20 percent in the week to May 20, data from the U.S. Commodity Futures Trading Commission showed on Friday.
Noncommercial investors, often referred to as speculators, were net long on 182,119 lots of gold on the New York Mercantile Exchange's COMEX metals division, up from 152,938 lots a week earlier. [ID:nN23287593]
Gold futures for June delivery <GCM8> on the COMEX division of the New York Mercantile Exchange were up $1.10 to $926.90 an ounce.
Benchmark April gold <0#JAU:> on the Tokyo Commodity Exchange was down 1 yen at $3,104 yen per gram.
Spot platinum <XPT=> rose to $2,177.50/2,197.50 an ounce from $2,156.50/2,176.50 late in New York.
The most active Tokyo platinum futures contract <0#JPL:> fell 21 yen per gram to 7,062 yen.
Silver <XAG=> was largely steady from last week at $18.20/18.26 an ounce.
Spot palladium <XPD=> was stronger at $453/$458 an ounce. (Reporting by Maryelle Demongeot and Nick Trevethan; Editing by Clarence Fernandez) ((maryelle.demongeot@reuters.com; + 65 6870 3093; Reuters messaging: maryelle.demongeot.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for:
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(Refiles to fix the Reuters Instrument Code for Comex gold in 11th paragraph) (Recasts, updates prices, adds details throughout)
SINGAPORE, May 26 (Reuters) - Gold edged up towards $927 an ounce on Monday, continuing last week's rally as oil prices resumed their march upwards and the U.S. dollar steadied at near a one-month low.
Spot gold <XAU=> stood at $926.25/927.45 an ounce by 0437 GMT, up from $925.20/926.60 in New York late last week, and looking to more gains after it rose nearly 3 percent on the week when oil prices rose above $135 a barrel for the first time on record.
"Oil demand has been far more resilient to higher prices than expected and prices continue to go higher. Gold is seeing a catch up rally, pricing further expectation of rising oil," Mark Pervan senior commodities analyst at ANZ, said.
Spot gold rose as high as $935.30 last Thursday, its highest level in a month on the day that oil prices rose above $135.00.
"Gold could revisit the high $900s if oil maintains these kinds of levels and the dollar weakens, but the natural limit is $1,000 and we would struggle to get back through that level," Pervan added.
Oil rose towards $133 a barrel on Monday, standing at $132.85 a barrel, up 66 cents, as a supply outage on the Statfjord oilfield in the North Sea over the weekend added short-term concerns to longer-term worries that supply will struggle to keep up with demand over the next few years. [O/R]
The weaker U.S. dollar also added to gold's appeal as an alternative currency, with the greenback steadying at near one-month lows against a basket of major currencies on Monday on concerns that the record-high oil prices could further slow the U.S. economy and add to inflation pressures. [USD/]
The dollar index was little changed on the day at 72.004 <.DXY>, up 0.04 percent, and within sight of one-month lows of 71.823 struck last week.
Noncommercial investors in U.S. gold futures turned bullish last week, hiking their long positions by around 20 percent in the week to May 20, data from the U.S. Commodity Futures Trading Commission showed on Friday.
Noncommercial investors, often referred to as speculators, were net long on 182,119 lots of gold on the New York Mercantile Exchange's COMEX metals division, up from 152,938 lots a week earlier. [ID:nN23287593]
Gold futures for June delivery <GCM8> on the COMEX division of the New York Mercantile Exchange were up $0.70 to $926.50 an ounce.
Benchmark April gold <0#JAU:> on the Tokyo Commodity Exchange was down 3 yen at $3,102 yen per gram.
Spot platinum <XPT=> rose to $2,184.00/2,194.00 an ounce from $2,156.50/2,176.50 late in New York.
The most active Tokyo platinum futures contract <0#JPL:> fell 10 yen per gram to 7,073 yen.
Silver <XAG=> was marginally up at $18.21/18.27 an ounce from $18.18/18.26 an ounce.
Spot palladium <XPD=> was stronger at $453/$458 an ounce. (Reporting by Maryelle Demongeot and Nick Trevethan; Editing by Michael Urquhart) ((maryelle.demongeot@reuters.com; + 65 6870 3093; Reuters messaging: maryelle.demongeot.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for:
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Reuters Terminal users can see related news and prices by double clicking on the codes in brackets: - All precious metals headlines [GOL] - Precious metals market reports [GOL/] - Daily fixing headlines [GOL/FIX] - Technical analysis [PREC/I] - Indian gold reports [GOL/IN] - European gold prices <GOLD/EU1><GOLD/EU2><0#PREC> - London interbank gold forward rates <GOFO> <0#GOFO=> - London silver forwards <SIFO><SIFO=> - Gold lease rates <LGLR><0#LGLR=> - London Bullion Market Association <LBMA01> - New York Comex gold <0#GC:> and silver <0#SI:> - New York platinum <0#PL:> and palladium <0#PA:> - Asian gold prices <GOLD/ASIA1><0#PREC> - Australian precious metals prices <GOLD/ASIA2><0#AUPREC=> - Shanghai Gold Exchange prices <SGE/MENU> - Hong Kong gold exchange prices <HKGG> - Hong Kong bullion prices <SHKG> - Indian bullion prices <INBULL><0#PREC-IN> - Indian gold forwards <INGOFO> <0#GOFO=IN> - Japanese producer prices <JP/PROD1> For Related News and other topics, double click on one of these codes: SPEED GUIDES
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(Recasts, updates prices, adds details throughout)
SINGAPORE, May 26 (Reuters) - Gold edged up towards $927 an ounce on Monday, continuing last week's rally as oil prices resumed their march upwards and the U.S. dollar steadied at near a one-month low.
Spot gold <XAU=> stood at $926.25/927.45 an ounce by 0437 GMT, up from $925.20/926.60 in New York late last week, and looking to more gains after it rose nearly 3 percent on the week when oil prices rose above $135 a barrel for the first time on record.
"Oil demand has been far more resilient to higher prices than expected and prices continue to go higher. Gold is seeing a catch up rally, pricing further expectation of rising oil," Mark Pervan senior commodities analyst at ANZ, said.
Spot gold rose as high as $935.30 last Thursday, its highest level in a month on the day that oil prices rose above $135.00.
"Gold could revisit the high $900s if oil maintains these kinds of levels and the dollar weakens, but the natural limit is $1,000 and we would struggle to get back through that level," Pervan added.
Oil rose towards $133 a barrel on Monday, standing at $132.85 a barrel, up 66 cents, as a supply outage on the Statfjord oilfield in the North Sea over the weekend added short-term concerns to longer-term worries that supply will struggle to keep up with demand over the next few years. [O/R]
The weaker U.S. dollar also added to gold's appeal as an alternative currency, with the greenback steadying at near one-month lows against a basket of major currencies on Monday on concerns that the record-high oil prices could further slow the U.S. economy and add to inflation pressures. [USD/]
The dollar index was little changed on the day at 72.004 <.DXY>, up 0.04 percent, and within sight of one-month lows of 71.823 struck last week.
Noncommercial investors in U.S. gold futures turned bullish last week, hiking their long positions by around 20 percent in the week to May 20, data from the U.S. Commodity Futures Trading Commission showed on Friday.
Noncommercial investors, often referred to as speculators, were net long on 182,119 lots of gold on the New York Mercantile Exchange's COMEX metals division, up from 152,938 lots a week earlier. [ID:nN23287593]
Gold futures for June delivery <GMC8> on the COMEX division of the New York Mercantile Exchange were up $0.70 to $926.50 an ounce.
Benchmark April gold <0#JAU:> on the Tokyo Commodity Exchange was down 3 yen at $3,102 yen per gram.
Spot platinum <XPT=> rose to $2,184.00/2,194.00 an ounce from $2,156.50/2,176.50 late in New York.
The most active Tokyo platinum futures contract <0#JPL:> fell 10 yen per gram to 7,073 yen.
Silver <XAG=> was marginally up at $18.21/18.27 an ounce from $18.18/18.26 an ounce.
Spot palladium <XPD=> was stronger at $453/$458 an ounce. (Reporting by Maryelle Demongeot and Nick Trevethan; Editing by Michael Urquhart) ((maryelle.demongeot@reuters.com; + 65 6870 3093; Reuters messaging: maryelle.demongeot.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for:
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Reuters Terminal users can see related news and prices by double clicking on the codes in brackets: - All precious metals headlines [GOL] - Precious metals market reports [GOL/] - Daily fixing headlines [GOL/FIX] - Technical analysis [PREC/I] - Indian gold reports [GOL/IN] - European gold prices <GOLD/EU1><GOLD/EU2><0#PREC> - London interbank gold forward rates <GOFO> <0#GOFO=> - London silver forwards <SIFO><SIFO=> - Gold lease rates <LGLR><0#LGLR=> - London Bullion Market Association <LBMA01> - New York Comex gold <0#GC:> and silver <0#SI:> - New York platinum <0#PL:> and palladium <0#PA:> - Asian gold prices <GOLD/ASIA1><0#PREC> - Australian precious metals prices <GOLD/ASIA2><0#AUPREC=> - Shanghai Gold Exchange prices <SGE/MENU> - Hong Kong gold exchange prices <HKGG> - Hong Kong bullion prices <SHKG> - Indian bullion prices <INBULL><0#PREC-IN> - Indian gold forwards <INGOFO> <0#GOFO=IN> - Japanese producer prices <JP/PROD1> For Related News and other topics, double click on one of these codes: SPEED GUIDES <PRECIOUS1> <PRECIOUS/FUT1> <PRECIOUS/CASH1> <PRECIOUS/SWAP1> <PRECIOUS/VOL1> <REUTERS> Keywords: MARKETS PRECIOUS
SINGAPORE, May 26 (Reuters) - Gold opened higher on Monday, continuing last week's rally as the dollar weakened in thin activity, with the U.S. and U.K. markets closed for national holidays.
-- Gold <XAU=> stood at $927.30/928.30 an ounce by 0055 GMT, up from $925.20/926.60 an ounce in New York on Friday, having gained nearly 3 percent on the week on the back of record energy prices.
-- Gold futures for June delivery <GCM8> on the COMEX division of the New York Mercantile Exchange were up $2.00 an ounce at $927.80 an ounce.
-- The dollar eased towards one-month lows against a basket of major currencies on Monday after falling late last week on concerns that surging oil prices could further slow the U.S. economy and add to inflation pressures. [ID:nT163861]
-- Oil prices opened lower on Monday, cooling after Friday's gains, but the weak dollar and ongoing long-term concerns lent solid support. [ID:nSYD106662]
-- The net long, or bullish, position held by noncommercial investors in U.S. copper and gold futures jumped by around 20 percent each in the week to May 20 as both markets rallied, trade data released on Friday showed.
It was also the first rise in noncommercial net longs for both metals since the week of April 18, the data from the U.S. Commodity Futures Trading Commission, or CFTC, showed. [ID:nN23287593]
-- Spot platinum <XPT=> rose to $2,185.00/2,195.00 an ounce from $2,156.50/2,176.50 late in New York.
-- The most active Tokyo platinum futures <0#JPL:> fell 30 yen per gram to 7,053 yen.
-- Silver <XAG=> edged up to $18.24/18.30 an ounce from $18.18/18.26 an ounce.
-- Spot palladium <XPD=> was stronger at $453/$458 an ounce.
Precious metals prices at 0119 GMT
Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 927.30 3.10 +0.34 11.36 Spot Silver 18.24 0.09 +0.50 23.49 Spot Platinum 2185.00 28.50 +1.32 43.75 Spot Palladium 453.00 5.00 +1.12 23.10 TOCOM Gold 3102.00 -3.00 -0.10 1.37 6375 TOCOM Platinum 7053.00 -30.00 -0.42 32.10 9329 TOCOM Silver 611.30 -0.40 -0.07 12.99 457 TOCOM Palladium 1538.00 2.00 +0.13 13.84 227 Euro/Dollar 1.5783 Dollar/Yen 103.20
Note - TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Maryelle Demongeot) ((maryelle.demongeot@reuters.com; + 65 6870 3093; Reuters messaging: maryelle.demongeot.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for:
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