* Spot gold broadly steady at $924.50/ounce
* U.S. inflation data watched for dollar impact
* Holdings by SPDR gold ETF <XAUEXT-NYS-TT> unchanged
* Bullion seen between $900-$930 in short term
By Rebekah Curtis
LONDON, May 15 (Reuters) - Gold held steady on Friday, with
prices restrained as economic jitters after poor German growth
figures vied with firming global share prices ahead of key U.S.
inflation data.
Spot gold <XAU=> was steady at $924.30 per ounce at 1023
GMT, compared with $925.35 quoted late in New York on Thursday.
U.S. April consumer prices, due at 1230 GMT, are likely to
be flat according to Reuters polls. But a weaker reading could
boost the dollar as investors have tended to buy the currency as
stock market sentiment retreats. []
A stronger dollar <.DXY> traditionally makes commodities
priced in the U.S. unit more expensive for non-U.S. investors.
"I think that most of the data will be dollar friendly, so
more dollar strength which I don't think will help gold," said
CitiGroup analyst David Thurtell.
German gross domestic product (GDP) contracted by a much
larger than expected 3.8 percent in the first three months of
2009, tightening nerves after a poor reading of U.S. April
retail sales earlier this week []
Gold shot to $930.40 earlier this week, its highest since
April 1, buoyed by purchases for gold-backed exchange-traded
funds (ETFs).
But buying has been hampered by a rebound in global stock
markets <.MIWD00000PUS> in a reflection to improved appetite for
assets connected with risk.
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.
Gold may stay range-bound 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.
PLATINUM WEEK
Platinum <XPT=> was at $1,105.50 an ounce from $1,109.50.
The metal, used to clean exhaust fumes from vehicles, has
lost about 3.5 percent over the past week, despite traditionally
gaining ahead of the annual platinum week gathering in London,
which begins on Monday with the launch of refiner Johnson
Matthey's platinum report.
"Often, the run up to Platinum Week sees prices of this
pricey metal move higher as investors anticipate good news from
the mix of data and commentary from Johnson Matthey. So the
recent weakness of platinum is all the more unusual," John
Reade, UBS head of metals strategy, said in a note.
"The sell-off appears to have been driven by investor
selling - We have also heard talk of bank and fund selling of
OTC and futures positions in anticipation of GM's likely move
into Chapter 11 sometime in the next few weeks."
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. []
Palladium <XPD=> was at $222.50 an ounce from $223.50 and
silver was at $13.97 an ounce from $14.00.
(Editing by Veronica Brown)
