* Spot bullion slips to $913.25 per ounce
* Gold trapped between dollar rebound, easing share prices
* ETF holdings nudge lower
(Adds quotes, updates prices)
By Jan Harvey
LONDON, May 11 (Reuters) - Gold dipped towards $913 an ounce
in Europe on Monday as the market felt pressure from a firmer
dollar, while easing global shares limited losses -- keeping the
metal's status as a refuge from riskier investments intact.
Spot gold <XAU=> was bid at $913.25 an ounce at 1635 GMT,
against $916.05 an ounce late in New York on Friday. U.S. gold
futures for June delivery <GCM9> on the COMEX division of the
New York Mercantile Exchange fell $1.10 to $913.80 an ounce.
Analysts said gold was trapped between opposing forces as
its role as a hedge against economic uncertainty vied with
perceptions from some quarters that the global economic downturn
might be bottoming out.
"We've got a bit of a tug-of-war situation for gold now --
support from dollar weakness but pressure as equities outperform
overall," said Tom Kendall, analyst at Mitsubishi Corporation in
London.
"We need a daily close above $919 to turn the technical
picture bullish," he added.
Global stocks as measured by MSCI's all-country index, were
0.7 percent lower on Monday <.MIWD00000PUS>, but were working on
their third month of gains as investors try to determine whether
the global slump is moderating.
China added to positive news on Monday, as deputy Central
Bank governor Su Ning told a conference the government's
stimulus had worked better than expected. []
On the foreign exchange markets, the dollar rebounded from a
four-month low against a basket of currencies <.DXY>, making
dollar priced bullion pricier for non-U.S. investors.
TRICKLE
Investment in gold-backed exchange-traded funds remained
lacklustre last week.
Holdings of the world's largest, the SPDR Gold Trust <GLD>,
edged down 0.36 tonnes in the week to May 8 to 1,104.09 tonnes,
while those of the three gold ETFs operated by London's ETF
Securities were little changed. [] []
Gold demand from India, the world's biggest bullion buyer,
also slowed to a trickle on Monday, dealers said.[]
Buying precious metals to back ETFs has been a significant
source of demand for gold and silver in recent years.
Silver <XAG=> tracked gold down to $13.92 an ounce against
$13.98. Among other precious metals, platinum <XPT=> eased to
$1,115 an ounce from $1,145.50 and palladium <XPD=> dipped to
$234.00 from $238.50, tracking losses in the industrial metals.
Lonmin <LMI.L>, the world's third-biggest platinum
producer, unveiled a $457 million rights issue on Monday to cut
its debt. []
Investec said the company's guidance was downbeat, with
management saying it is "not planning for any significant
recovery in platinum group metals prices in the next 12 months".
(Reporting by Jan Harvey and Veronica Brown; Editing by Sue
Thomas)
