* Bullion strikes record, silver at 31-year high
* Gold to rise to $1,477-technicals [ID:nL3E7F807C] (Updates prices, adds activity in physical market)
By Lewa Pardomuan
SINGAPORE, April 8 (Reuters) - Gold struck another record high on Friday as the dollar weakened against the euro, while silver hit a 31-year high after ETF holdings jumped to an all time high on inflation worries driven by a surge in oil prices.
A strong aftershock in Japan initially put pressure on gold on Thursday, but investors have turned their attention to the prospect of more declines in the dollar following the European Central Bank's first rate hike since 2008.
Spot gold rose as high as $1,465.95 an ounce, a record high, with an increase in SDPR holdings offering additional support.
"Maybe there is some dollar-related buying because it's weakening. People see the ETF increasing a bit, so they want to buy some gold," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"There's a small amount of physical buying. Jewellers are covering short, but it's a very small amount. Everybody is looking for a new high, maybe $1,500 or $1,600."
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose to 1,217.209 tonnes by April 7, their highest since mid-March, from 1,205.467 tonnes on April 6.
Spot gold is poised to rise to $1,477 per ounce based on its wave pattern and a Fibonacci projection analysis, according to Wang Tao, a Reuters market analyst for commodities and energy technicals.
Dealers noted selling in the physical market, but the light volume had little impact on prices.
"Basically we are seeing scrap-related selling from Indonesia and Thailand, but our premiums for gold bars are still steady at 70 cents," said a physical dealer in Singapore.
"As usual, India disappears whenever the price rises," said the dealer, referring to the world's main consumer which is in the midst of the busy wedding season.
Spot silver hit an intraday high of $39.97 an ounce, its strongest since 1980, as rising oil prices boosted its appeal as a hedge against inflation and a cheaper alternative to bullion.
IShares Silver Trust said its holdings hit another record at 11,192.80 tonnes by April 7 from 11,162.45 tonnes on April 4. [ID:nL3E7F800Y]
U.S. gold futures for June hit $1.467.70 an ounce, another record high.
The euro showed resilience and touched a 15-month high against the dollar on Friday, bouncing back after dipping the previous day in a sell-the-fact type of reaction to a widely-expected rate rise by the European Central Bank.
The ECB raised interest rates for the first time since the 2008 financial crisis on Thursday and signalled it was ready to tighten policy further if needed to check rising prices. [ID:nLDE7351QH]
U.S. and Brent crude futures climbed to their highest in 2-1/2 years as supply worries stemming from attacks on Libyan oil fields and unrest in the Middle East offset demand concerns spurred by a major aftershock in Japan.
A strong performance from major retailers pushed up Tokyo stocks by 2 percent after April options prices were seen settling higher than expected, offsetting the impact of a major earthquake which rocked northeast Japan the night before.
"I would say the quake has little impact, but we do see selling from the physical market which cuts the premium," said a dealer in Tokyo, referring to sales of gold bars as bullion price rose. [ID:nL3E7F72Y2]
Gold bars were offered at a discount of 25 cents to the spot London prices, having been quoted on par earlier this week. Precious metals prices 0439 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1465.90 8.45 +0.58 3.27 Spot Silver 39.96 0.45 +1.14 29.49 Spot Platinum 1791.49 10.39 +0.58 1.36 Spot Palladium 774.75 -0.28 -0.04 -3.10 TOCOM Gold 4017.00 23.00 +0.58 7.72 56120 TOCOM Platinum 4926.00 34.00 +0.70 4.90 12992 TOCOM Silver 109.50 1.90 +1.77 35.19 1398 TOCOM Palladium 2128.00 2.00 +0.09 1.48 351 Euro/Dollar 1.4391 Dollar/Yen 85.00 TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Himani Sarkar)
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