* Gold ticks higher but off lifetime high
* For the technicals on gold, click []
* Coming Up: U.S. Fed Chairman Bernanke testifies; 1400
GMT
(Updates price, adds quotes)
By Lewa Pardomuan
SINGAPORE, June 9 (Reuters) - Spot gold firmed on
Wednesday, hovering within sight of a record above $1,250 an
ounce struck the previous day, with dealers saying the metal
was likely to consolidate before any charge higher.
Gold has gained as much as 14 percent in 2010, underpinned
by worries the sovereign debt crisis in Europe may spread and
hurt global economic growth and uncertainties over the future
of U.S. interest rates.
Spot gold <XAU=> was at $1,236.55 an ounce by 0245 GMT, up
$2.92 from New York's notional close on Tuesday, when it rose
as high as $1,251.20 -- its highest ever.
"I think we can say the market is consolidating," said
Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"As long as the interest rates do not increase in the U.S.,
you can say the market is still bullish."
Two top U.S. Federal Reserve officials on Tuesday offered
opposing signals on the direction of interest rates,
highlighting a split within the central bank. []
Physical selling slowed down in Asia and some jewellers
could advantage of a slight correction in prices to stock up,
with dealers noting steady purchases from investors.
"The jewellers have stepped back. There's only buying from
investors," said Leung.
Holdings in the world's largest gold-backed exchange-traded
fund, SPDR Gold Trust, rose to a record high at 1,298.530
tonnes as of June 8, from 1,286.359 tonnes as of June 4.
[]
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For a graphic on SPDR gold holdings, click:
http://graphics.thomsonreuters.com/10/GLD_SPDRVL0610.gif
For a graphic on gold's rise to a lifetime high, click:
http://graphics.thomsonreuters.com/10/GLD_TMLN.html
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
U.S. gold futures for August delivery <GCQ0> fell $6.5 to
$1,237.5 an ounce after hitting an all time high the previous
day.
The euro slipped to $1.1945 <EUR=> but held above Monday's
four-year low of $1.1876. European Central Bank chief
Jean-Claude Trichet speaks later in the day ahead of an ECB
meeting on Thursday that could offer more clues on steps to
ease strains from the euro zone's debt crisis. []
[]
The Nikkei average fell 1 percent on Wednesday, moving
towards a six-month low, hurt by jittery sentiment in financial
markets, although U.S. stocks mostly rose in volatile trading
on gains in materials and financial shares. [] []
Precious metals prices at 0245 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1236.55 2.92 +0.24 12.85
Spot Silver 18.27 0.08 +0.44 8.56
Spot Platinum 1519.25 -6.25 -0.41 3.56
Spot Palladium 441.75 2.25 +0.51 8.94
TOCOM Gold 3641.00 -21.00 -0.57 11.72
32325
TOCOM Platinum 4485.00 -43.00 -0.95 2.37
10066
TOCOM Silver 54.30 0.30 +0.56 5.03
337
TOCOM Palladium 1308.00 25.00 +1.95 12.27
293
Euro/Dollar 1.1945
Dollar/Yen 91.32
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Michael Urquhart)
