* Holdings by SPDR gold ETF <XAUEXT-NYS-TT> unchanged
* Gold seen rangebound between $900-$930 for a while
By Risa Maeda
TOKYO, May 15 (Reuters) - Gold was little changed on
Friday, just off a six-week high hit earlier this week, torn
between a soft dollar and firmer equities.
Gold rose to as high as $930.40 per ounce on Wednesday, the
highest since April 1, buoyed by purchases by gold-backed
exchange-traded funds (ETFs). But buying has come to a
standstill on a rebound in global stock markets which has
reduced the allure of gold as a safe-haven asset.
Spot gold <XAU=> was steady at $925.90 per ounce at 0302
GMT, compared with New York's notional close of $925.35, and
was poised for a 1 percent rise on the week.
U.S. gold futures for June delivery <GCM9> fell $1.8 or 0.2
percent to $926.60 per ounce, after rising $2.50 on Thursday on
the COMEX division of the New York Mercantile Exchange.
"Gold is somewhat following the currency market right now,"
said Dick Poon, a manager at Heraeus in Hong Kong, referring to
firmness in sterling and euro against the dollar.
Gold was supported by the dollar, which held close to a
four-month low. Bullion is seen as an alternative investment to
the greenback. []
But detracting for gold's appeal as a safe-haven asset was
a rise in Asian stocks, which suggested a higher risk appetite.
The Nikkei <> rose 1.5 percent and MSCI's index of Asia
Pacific stocks outside Japan <.MIAPJ0000PUS> was up 0.6
percent.
Gold is expected to be supported around $900 as a fall
towards that level would invite buying from investors for
gold-backed ETFs, Heraeus' Poon said.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said holdings were unchanged at 1,105.62
tonnes on Thursday.
The holdings rose 1.53 tonnes on Wednesday, marking the
first gain since they began declining after hitting a record
high on April 9. []
Gold may stay rangebound between $900-$930 for a while
because of a loss of momentum for the metal and as investors
eye movements in the equities and oil markets, some analysts
said.
"Visibility is quite low in all markets right now," said
Yuki Sonoda, adviser at Daiichi Commodities Co in Tokyo, adding
that there was still a lot of uncertainty about the outlook for
the U.S. economy, with the auto sector still not out of the
woods.
General Motors Corp <GM.N>, facing possible bankruptcy, is
set to restructure its bond debt and reach a new sweeping deal
with its major union by June 1. []
"Investor jitters could keep markets directionless until
the June 1 deadline," he said.
Precious metals prices at 0329 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 925.70 0.35 +0.04 5.18
Spot Silver 14.02 0.02 +0.14 23.85
Spot Platinum 1125.50 16.00 +1.44 20.76
Spot Palladium 225.00 1.50 +0.67 21.95
TOCOM Gold 2873.00 16.00 +0.56 11.66
16134
TOCOM Platinum 3507.00 87.00 +2.54 32.24
6738
TOCOM Silver 431.20 5.30 +1.24 35.05
129
TOCOM Palladium 709.00 21.00 +3.05 28.91
280
Euro/Dollar 1.3633
Dollar/Yen 96.01
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Ben Tan)
