July 12 (Bloomberg) -- Gold rose in Asia for the fourth day in five as demand increased from jewelers, the biggest users of the precious metal. Silver was little changed.
Good demand for the metal from India and Turkey emerged earlier this week, Goldman Sachs JBWere analysts, led by Malcolm Southwood, said in a report on July 10. Jewelers accounted for 69 percent of first-quarter gold consumption, from 61 percent a year earlier, the producer-funded World Gold Council said May 16.
``The basic tone for all precious metals at the moment is range-trading, but the downside is limited because of strong physical demand,'' Nobito Kaneda, a trader at Sojitz Corp., said by phone from Tokyo today. ``Gold dipped below $660 yesterday and attracted some buying.''
Gold for immediate delivery gained as much as $1.85, or 0.3 percent, to $662.50 an ounce, and traded at $662.20 at 1:05 p.m. Singapore time. Silver for immediate delivery gained 1 cent, or 0.1 percent, to $12.91 an ounce.
Bullion declined late yesterday in New York as gains in the dollar against the euro eroded the appeal of the precious metal as an alternative investment.
The euro traded at $1.3758 at 11:45 a.m. Singapore time. It closed at $1.3746 yesterday after reaching $1.3787, the highest since it was introduced in 1999.
In Japan, gold for delivery in June 2008 gained 11 yen, or 0.4 percent, to 2,634 yen a gram ($670 an ounce) at 1:13 p.m. Singapore time on the Tokyo Commodity Exchange.
Oil Price
Oil's gains to the highest in almost 11 months may only have ``a passing impact on gold,'' David Moore, an analyst at Commonwealth Bank of Australia. Gold prices have traditionally moved in tandem with oil prices because some investors buy gold to hedge against rising consumer prices.
Central banks were vigilant on inflation and that probably lessened concerns for a sustained rise in consumer prices, Moore said by phone today from Sydney.
The return on other assets was distracting investors from investing in gold, and bullion would decline to $625 an ounce by the end of the year, he said.
Gold for August delivery gained as much as $1.5, or 0.2 percent, to $663.60 an ounce, and traded at $663.40 at 1:23 p.m. Singapore time on the Comex division of the New York Mercantile Exchange.
A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date.
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