SINGAPORE, Jan 18 Gold was within sight of its highest level in two weeks on Thursday, bu

SINGAPORE, Jan 18 (Reuters) Gold was within sight of its highest level in two weeks on Thursday, but profit taking capped gains and trading was subdued ahead of the release of key U.S. data.

Spot gold hit an intraday high of $633.20 an ounce and was at $632.60/633.60 by 0453 GMT.

It was quoted at $631.50/632.50 an ounce late in New York on Wednesday, when it jumped to its highest since Jan. 3 at $633.80 an ounce due to a rebounding oil and a weaker dollar.

Jewellery makers were on the sidelines, having bought gold at around $620 an ounce earlier this week, said Leon Lee, a dealing officer at the Bank of China in Hong Kong.

''It's rather quiet and we moved in a $2 range this morning,'' said Lee, who pegged support at $630 and resistance at $634-$635.

Benchmark Tokyo Commodity Exchange gold futures for December delivery rose as high as 2,482 yen a gram -- the highest for a lead contract since July 18 -- as strong energy prices encouraged investors to take new buy positions.

''The technical trend, especially for domestic prices, has strengthened. Gold prices in general were helped by the recovery in oil prices,'' said Hisaaki Tasaka, a market analyst at Ace Koeki.

Oil rose to above $52 a barrel, recovering further from a 20-month low as funds rushed in to buy after a cold snap in the United States sparked the long-awaited winter demand for heating fuel.

''The potential launch of a gold ETF (exchange-traded fund) in India appears to be giving support to gold. The news is really encouraging as we can expect big demand from India,'' said Tasaka, referring to the world's largest consumer.

Two Indian mutual fund companies are set to launch gold ETFs in the country within months after gaining long-awaited approval from the stock market regulator on Wednesday.

[ID:nBOM211429] Looking ahead, investors await the release of U.S. December consumer price data due at 1330 GMT. CPI data often set the direction for the dollar.

The euro edged higher to $1.2955 from around $1.2940 in late New York.

Silver was at $12.81/12.88 an ounce against $12.77/12.84 an ounce in late New York trading.

Platinum edged up to $1,147/1,152 an ounce from $1,143/1,149 in London.

Palladium rose to $337/342 an ounce from $326/329.

REUTERS CS GC1142