* Gold hits 5-week high above $800 before slipping * Oil up over 2 percent, euro firms against dollar * APEC leaders commit to quick economic action (Update prices) By Lewa Pardomuan SINGAPORE, Nov 24 (Reuters) - Gold slipped on Monday after rising to a 5-week high above $800, but turmoil in the financial markets could spur another round of safe-haven buying as world leaders sought to prevent a severe global economic downturn. Gold posted its biggest daily percentage gain in almost two months on Friday as investors rushed to buy the metal on economic uncertainties after shares of Citigroup (C.N: Quote, Profile, Research, Stock Buzz), the second-largest U.S. bank by assets, tumbled for a fifth straight day. The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust GLD, said it held 755.06 tonnes of gold in bank as of Nov. 21, up 3.06 tonnes fromNov. 20, reflecting a pick up in buying from investors. [GOL/SPDR] "There was a lot of disinvestment from gold, and I think when the opportunity arrives, we might see investors diversify back into gold," said David Moore, commodities analyst at Commonwealth Bank of Australia in Sydney. "I think it's quite possible that gold will continue to firm," he said. Gold was trading at $792.95 an ounce, up $6.50 from New York's notional close on Friday, when it gained more than 7 percent. Gold hit a high of $805.85 on Monday on a firm euro currency and oil before the buying subsided, mainly due to the absence of Japanese investors. Tokyo markets were closed for the Labour Thanksgiving Day. With financial markets in chaos, the United States, China, Japan and 18 other economies in Asia and the Americas promised to "take all necessary economic and financial measures to resolve this crisis". [ID:nN23470381] Gold has bounced more than 16 percent since falling to a 13-month low of $680.80 in October, when a sell-off in equities forced investors to sell bullion to cover losses. Despite the rebound, gold was still 23 percent below a record high of $1,030.80 hit in March. "It's difficult to say whether this will continue but from my point of view, I think it could hover around those regions for a while," said Adrian Koh, analyst at Phillip Futures in Singapore. "Probably some people will book profits and maybe that will place a bit of a pressure on gold in the near-term," said Koh, adding that gold was currently below the 100-day and 200-day averages around $830 and $873 an ounce. Speculative gold players in the non-commercial category boosted their net long positions to 64,829 on gold futures traded on COMEX at Nov. 18, from 63,959 long lots at Nov. 11, Commodity Futures Trading Commission data showed on Friday. The euro edged up to $1.2606 as the market awaited confirmation of reports that Citigroup had cut a deal with the government to warehouse some of its assets. [USD/] Oil CLc1 gained more than 2 percent to around $51 a barrel, which in theory boosted gold's appeal as a hedge against inflation. [O/R] Platinum traded at $815.50 an ounce, up $4.00 from New York's notional close, to track early gains in gold. New York gold futures GCZ8 rose $2.3 an ounce to $794.1. Precious metals prices at 0257 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 792.95 -6.50 -0.81 -4.77 Spot Silver 9.53 -0.09 -0.94 -35.48 Spot Platinum 815.50 4.00 +0.49 -46.35 Spot Palladium 176.00 -4.00 -2.22 -52.17 Euro/Dollar 1.2619 Dollar/Yen 95.35 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce. (Editing by Clarence Fernandez)

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