REFILE-PRECIOUS-Gold strikes record on inflation, economic worry

(Refiles to additional subscribers)

SINGAPORE, Nov 23 (Reuters) - Gold defied a rebound in the
dollar on Monday to power to a record on safe-haven buying,
driven by growing worries about inflation and a drop in U.S.
stocks that stirred doubt about the economic outlook.

Trading was thin with the absence of Japanese speculators.

FUNDAMENTALS

* Spot gold XAU= was quoted at $1,159.75 an ounce by 0050
GMT, up $11.55 an ounce from New York's notional close on
Friday, after hitting another record at $1,161.80.

* U.S. gold futures for December delivery GCZ9 added
$13.2 an ounce at $1,160.00 on the COMEX division of the New
York Mercantile Exchange, having struck record at $1,162.50.

* Gold has notched up successive record highs this month,
underpinned by a number of central bank gold purchases,
including India's acquisition of 200 tonnes of the precious
metal from the International Monetary Fund.

MARKET NEWS

* Oil CLc1 rose toward $78 a barrel on Monday on
heightened tensions between Iran and Western nations, after
Tehran said it would begin war games to help protect its
nuclear facilities.

* The U.S. dollar inched higher on Monday, extending a
short-covering bounce as investors pared risk trades in a
holiday-thinned week. The euro EUR= edged down to $1.4845,
from Friday's $1.4860. [USD/]

* U.S. stocks fell for a third straight day on Friday as
investors took weaker-than-expected results from computer maker
Dell (DELL.O: Quote, Profile, Research) and homebuilder D.R. Horton (DHI.N: Quote, Profile, Research) as a further
sign that the recovery would be anemic. [.N]

* The world's largest gold-backed exchange-traded fund,
SPDR Gold Trust (GLD: Quote, Profile, Research), said its holdings stood at 1,117.493
tonnes as of Nov 20, unchanged from the previous business day.
[GOL/SPDR]

DATA EVENTS

* Data and events expected on Monday ECON (GMT):

- Japan national holiday

- China October trade data (0040)

- Euro zone November PMI manufacturing data (0858)

- Chicago Fed Oct national activity data (1330)

- U.S. October existing home sales (1500)

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PRICES
Precious metals prices at 0050 GMT
Metal Last Change Pct chg Day ago pct MA 30
RSI Spot gold $1159.75 $11.55 +1.01% +29.29% $860.10
xx
Spot silver $18.64 $0.18 +0.98% +55.59% $11.29
xx
Spot plat $1452.50 $11.50 +0.80% +0.55% $1372.13
xx
COMEX gold $1160.10 $13.30 +1.16% +1.59% $1086.16
xx
Currencies
Euro/dlr $1.490 -$0.008 -0.51% -0.22%
Dlr/yen 88.95 -0.16 -0.18% -0.73%
(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)
((lewa.pardomuan@thomson reuters.com; +65 6870 3834; Reuters
Messaging: lewa.pardomuan.reuters.com@reuters.net))
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