* Gold ticks higher but off lifetime high
* For the technicals on gold, click []
* Coming Up: U.S. Fed Chairman Bernanke testifies; 1400
GMT
(Updates price, adds Chinese data)
By Lewa Pardomuan
SINGAPORE, June 9 (Reuters) - Spot gold edged up on
Wednesday to within sight of a record above $1,250 an ounce
struck the previous day, with dealers saying the metal was
likely to consolidate before any charge higher.
Gold has gained as much as 14 percent in 2010, underpinned
by worries the sovereign debt crisis in Europe may spread and
hurt global economic growth and uncertainties over the future
of U.S. interest rates.
Spot gold <XAU=> was at $1,238.05 an ounce by 0624 GMT, up
$4.42 from New York's notional close on Tuesday, when it rose
as high as $1,251.20 -- its highest ever.
"I think we can say the market is consolidating," said
Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"As long as the interest rates do not increase in the U.S.,
you can say the market is still bullish."
Two top U.S. Federal Reserve officials on Tuesday offered
opposing signals on the direction of interest rates,
highlighting a split within the central bank. []
Physical selling slowed down in Asia and some jewellers
could advantage of a slight correction in prices to stock up,
with dealers noting steady purchases from investors.
"The jewellers have stepped back. There's only buying from
investors," said Leung.
Holdings in the world's largest gold-backed exchange-traded
fund, SPDR Gold Trust, rose to a record high at 1,298.530
tonnes as of June 8, from 1,286.359 tonnes as of June 4.
[]
A Reuters report quoting sources saying that China's
exports rose "about 50 percent" on the year in May, ahead of
the official release, was seen positive for gold, although the
metal showed no immediate reaction. []
China's key stock index jumped 3 percent on the news, while
the dollar index <.DXY> retreated by about 0.3 percent. []
"It paints a positive picture on the Chinese economy. But
out of the positive thing, you might have tightening measures
coming up a bit early," said a bullion dealer in Singapore.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a graphic on SPDR gold holdings, click:
http://graphics.thomsonreuters.com/10/GLD_SPDRVL0610.gif
For a graphic on gold's rise to a lifetime high, click:
http://graphics.thomsonreuters.com/10/GLD_TMLN.html
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
U.S. gold futures for August delivery <GCQ0> fell $6.5 to
$1,237.5 an ounce after hitting an all time high the previous
day.
The euro lost steam on Wednesday, holding near a four-year
low against the dollar. European Central Bank chief Jean-Claude
Trichet speaks later in the day ahead of an ECB meeting on
Thursday that could offer more clues on steps to ease strains
from the euro zone's debt crisis. [] []
Precious metals prices at 0624 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1238.05 4.42 +0.36 12.99
Spot Silver 18.28 0.09 +0.49 8.62
Spot Platinum 1524.00 -1.50 -0.10 3.89
Spot Palladium 441.78 2.28 +0.52 8.95
TOCOM Gold 3648.00 -14.00 -0.38 11.94
40479
TOCOM Platinum 4503.00 -25.00 -0.55 2.78
13602
TOCOM Silver 54.20 0.20 +0.37 4.84
534
TOCOM Palladium 1311.00 28.00 +2.18 12.53
412
Euro/Dollar 1.1949
Dollar/Yen 91.36
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by)
