PRECIOUS METALS: Gold Rises Slightly In Asia; On Saudi Watch

SINGAPORE (Dow Jones) - Gold rose slightly in Asia Friday after they fell 1.4% overnight on the back of lower oil prices.
The oil was again a headwind, as Nymex April crude fell in Asia for trade to $ 101.77 a barrel by 0640 GMT, down 93 cents, with traders betting planned political protests in Saudi Arabia during the day would have limited implications for the oil market.
Traders said that some purchases slight dip was the degree of activity in the gold market, with uncertainty about Saudi Arabia the main factor keeping the offer.
However, the yellow metal traded off an intraday high of $ 1,417 after inflation of consumer prices in China stood at 4.9% year on year, slightly faster than expected.
This raised hopes that the Chinese authorities might take more monetary tightening measures in the short term, affecting the shares of gold and left to drift down.
Spot gold was at $ 1,413.80 per troy ounce, up from $ 2. 70 from Thursday near New York, February 2012 Tocom gold Y3, 794/gram down Y26.
Spot silver was at $ 35.15/oz, for 13 cents.
Barclays Capital said that despite Thursday's selloff, gold or silver had breached a key support and graphic bullish was intact.
"Gold has succumbed to the general downturn in the metals markets and the failure of one of the six-week trendline growth has led to a decline in the low range in the area of ​​$ 1,400. We believe that any fall as an opportunity to go long and short term we expect interest in buying about $ 1,390, "he said.
For silver put short-term support in 34.50 dollars and then $ 33 level.
platinum group metals were submitted again, spot platinum recovered from overnight losses to trade at $ 1,768 an ounce, up $ 5.
Spot palladium was at $ 763/oz, down $ 5.

(Source: http://online.wsj.com/article/BT-CO-20110311-702354.html)