NEW YORK, Dec 31 (Reuters) - COMEX gold futures eased from a new almost 14-year peak on Wednesday morning in dollar-oriented trading before a four-day New Year holiday, while silver slid from 5-1/2 year highs above $6 an ounce on profit-taking, traders said.
A battered greenback was just above Wednesday's all-time lows against the euro after steady declines, leaving gold futures and bullion prices well-supported in light trade.
"There is some upward pressure with the euro reaching yet another record high, but we're running into a little resistance at the near 8-year high in spot gold," said James Pogoda, vice president of precious metals at Mitsubishi International Corp.
Trading volumes were slim before an early COMEX close at around noon Wednesday for New Year celebrations and market holidays on Thursday and Friday.
"It's maybe a little profit taking, but it is super-light. Everyone is at least mentally absent, if not physically absent, already," said Pogoda.
Gold for February delivery on the COMEX division of the New York Mercantile Exchange fell $1.80 to $415.40 an ounce at 10:40 a.m. EST, in a range of $418.40 -- a new contract high -- and $414.90. The session peak was New York gold's highest on a monthly spot basis since Feb. 7, 1990, when it reached $425.
The greenback was close to a low against the euro at $1.2640 , despite positive U.S. weekly jobless claims data showing signs of life in the labor market, as fears of a possible attack in the United States fueled a sell-off, analysts said.
A weak dollar usually boosts gold prices as the dollar-priced precious metal gets more affordable to traders holding foreign currencies.
The Labor Department said jobless claims fell to 339,000 in the week of Dec. 27, down from a revised 354,000 a week earlier. Weekly claims are at their lowest since January 2001.
Worries over possible attacks against American targets also weighed on the U.S. currency, which is supportive to gold, traders said.
Gold, in the spotlight as an investment option to other assets like equities, has gained 20 percent since the end of 2002, boosted mainly by a 16-percent rise in the euro versus the dollar and heightened international tensions.
Next resistance in COMEX February futures was pinpointed at $420 an ounce, followed by $425 and $450, with support seen at $410 and the psychologically important $400 level.
Spot gold changed hands at $414.05/4.75, below Tuesday's New York close of $416.00/6.75. London bullion dealers fixed the morning reference price at $417.25.
Silver, meanwhile, backed down on dealer selling from its highest mark since May 1998 hit earlier on gold's strength. "There's small profit-taking," a COMEX silver floor trader said. "That's pushed us down."
COMEX March silver fell 3.8 cents to $5.955 an ounce, moving in a $6.05-5.95 range. Spot was at $5.91/93, from $5.96/98 previously. The London fix was at $5.965.
NYMEX April platinum was flat at $806 an ounce. Platinum futures last week reached a 23-year high at $847.70 on supply/demand concerns. Spot was at $812.00/816.00.
March palladium fell $4.45 to $197.00 an ounce. Spot traded at $193.00/198.00.