* Gold consolidating, temporary resistance seen at $1,060/oz
* SPDR Gold holdings unchanged since Oct. 7
By Risa Maeda
TOKYO, Oct 13 (Reuters) - Gold was mostly flat on Tuesday
after 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 mostly flat at $1,055.30 per ounce at
0603 GMT. It rose as high as $1,058.75 on Monday, near a record
of $1,061.20 set on Oct. 8.
U.S. gold futures for December delivery <GCZ9> were at
$1,056.70 per ounce, down 0.08 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 will remain bullish unless gold slips
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 greenback'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,
diminishing 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 0604 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1055.40 0.15 +0.01 19.91
Spot Silver 17.77 0.09 +0.51 56.98
Spot Platinum 1339.50 3.00 +0.22 43.72
Spot Palladium 329.00 3.50 +1.08 78.32
TOCOM Gold 3062.00 55.00 +1.83 19.01 53414
TOCOM Platinum 3887.00 66.00 +1.73 46.57 9282
TOCOM Silver 513.60 9.90 +1.97 60.85 398
TOCOM Palladium 957.00 42.00 +4.59 74.00 773
Euro/Dollar 1.4787
Dollar/Yen 89.91
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Additional reporting by Miho Yoshikawa; Editing by Joseph
Radford)
