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PRECIOUS-Gold up on physical buying; China, U.S. data weigh

Monday, December 13, 2010   REUTERS-  

* Gold seen rangebound between $1,370-$1,400 through 
* Gold to fall towards $1,350.27 - technicals 
* Coming up: ECB President Trichet speaks; 1830 GMT

(Update prices)
By Rujun Shen
SINGAPORE, Dec 13(Reuters) - Spot gold edged higher on 
Monday as healthy physical demand helped buoy prices, while
China's move to further tighten its monetary policy and upbeat
U.S. economic data weighed on sentiment.
 China raised cash reserve requirements for banks on 
Friday, as the country's inflation soared to a 28-month high
in November and put pressure on the government to step up
efforts to curb inflation. [ID:nTOE6BB00G] [ID:nTOE6BA009]
"There's the possibility that China would tighten its 
monetary policy further," said Ong Yi Ling, an analyst at
Philip Futures.
"It could affect demand for commodities, and gold could be 
caught in a sell-off."
The dollar edged higher against a basket of currencies, 
supported by higher Treasury yields after improving U.S. data
late last week.
A rise in U.S. consumer confidence to its highest in six 
months and a much bigger-than-expected contraction in the
country's trade deficit pointed to a firmer economic recovery
on Friday. [ID:nN10163525]
Spot gold gained by 0.3 percent to $1,387.25 an 
ounce by 0616 GMT, after falling by 2.2 percent last week.
U.S. gold futures edged up 0.2 percent to $1,388.2 
an ounce.
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