* Gold consolidating, temporary resistance seen at $1,060/oz
* SPDR Gold holdings unchanged since Oct. 7
By Risa Maeda
TOKYO, Oct 13 (Reuters) - Gold fell slightly on Tuesday as
investors locked in profits a day after the precious metal tested
an all-time high above $1,060 an ounce.
Lacklustre trade in currency markets ahead of major corporate
earnings kept traders from taking large gold positions as a
recent rally in the precious metal has mainly been driven by a
weaker dollar.
Spot gold <XAU=> was at $1,054.50 per ounce at 0251 GMT, down
0.1 percent from New York's notional close of $1,055.25. It rose
as high as $1,058.75 on Monday, near the record of $1,061.20 set
on Oct. 8.
U.S. gold futures for December delivery <GCZ9> were at
$1,055.60 per ounce, down 0.2 percent from the previous
settlement after rising $8.90 on Monday.
Gold is seen as being in consolidation mode now that the
$1,060 mark is providing short-term technical resistance,
although the overall trend remains bullish unless gold were to
slip below the $1,000 mark, said Dick Poon, manager of precious
metals at Heraeus in Hong Kong.
"Most customers are bullish on gold. Their biggest concerns
are related to the currency market. They're a bit scared of the
U.S. currency," Poon said, referring to the dollar's weak
fundamentals.
Hopes the U.S. Federal Reserve might raise interest rates
sooner than expected faded on Monday, with the euro briefly
moving back above $1.48 <EUR=>, within striking distance of its
2009 high.
The dollar stayed on the defensive on Tuesday on expectations
that robust U.S. corporate earnings would sustain risk appetite
and lessen the allure of the U.S. currency. []
A weaker dollar also makes gold cheaper for non-U.S.
investors, and seasonal demand from India, the world's biggest
gold consumer, has been underpinning the precious metal, traders
said.
India's festival season peaks with Diwali, the Hindu festival
of lights, on Oct. 19. Weddings take place during the festive
period and jewellery forms an essential part of dowry baskets.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said its holdings stood at 1,109.314
tonnes on Monday, unchanged since Oct. 7. []
Precious metals prices at 0308 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1054.25 -1.00 -0.09 19.78
Spot Silver 17.74 0.06 +0.34 56.71
Spot Platinum 1340.50 4.00 +0.30 43.83
Spot Palladium 326.00 0.50 +0.15 76.69
TOCOM Gold 3052.00 45.00 +1.50 18.62 40250
TOCOM Platinum 3883.00 62.00 +1.62 46.42 6662
TOCOM Silver 512.80 9.10 +1.81 60.60 265
TOCOM Palladium 946.00 31.00 +3.39 72.00 533
Euro/Dollar 1.4779
Dollar/Yen 89.77
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Joseph Radford)
