* Gold down but demand from jewellers cushion falls
* For the technical on gold, click []
* Coming Up: U.S. Real GDP Q2; 1230 GMT
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, July 30 (Reuters) - Gold edged down on Friday
after the dollar firmed against the euro, but trading was thin
as investors awaited the release of U.S. second quarter GDP
data for clues on the direction of the economy.
With worries about the debt crisis in Europe diminishing,
gold could attract safe-haven buying as growth in the U.S.
economy probably slowed in the second quarter on slower
consumer spending. For a preview, click: []
Gold <XAU=> eased 65 cents to $1,167.40 an ounce by 0304
GMT, having risen on Thursday after St. Louis Fed President
James Bullard said that he is worried about the risks the
United States could fall into a Japan-style quagmire of falling
prices. []
For a 24-hour gold technical outlook, see:
http://graphics.thomsonreuters.com/WT/20103007091228.jpg
"On a longer-term basis, it will fuel demand for gold if
your economic recoveries have stalled. Equities might not
perform so well," said Ong Yi Ling, investment analyst at
Phillip Futures in Singapore.
"For today, I don't see it going up above $1,175 for the
upside. On the downside, I think it should be still supported
above the $1,155 level."
Bullion struck a lifetime high at $1,264.90 in June on
worries the debt crisis in Europe was spreading and the U.S.
economy was slowing.
But a string of Europe's largest firms issued surprisingly
upbeat profit reports on Thursday, bolstering an abrupt renewal
of investor confidence in the region after months of debt
turmoil and fears for the euro. []
U.S. gold futures for August delivery <GCQ0> fell $1.1
$1,167.3 an ounce after settling $8 higher.
Silver <XAG=> hardly moved, while platinum <XPT=> slipped
to track declines in equities and LME copper <CMCU3>. Sister
metal palladium <XPD=> also dropped after rising 4 percent on
Thursday on firm euro and options-related buying.
There was a lack of physical buying in platinum group
metals in Asia, with many factories shut for the summer
holidays.
"There's no reason to do anything today and technicals look
bearish. There's a bit of pressure from the dollar but physical
buying prevents prices from falling further," said a dealer in
Hong Kong. "There's a bit of buying from jewellery makers."
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P>, said its holdings were unchanged at
1,282.279 tonnes. The holdings hit a record at 1,320.436 tonnes
on June 29. []
The Nikkei lost more than 1 percent on Friday after U.S.
stocks sagged in volatile trading following weak outlooks from
technology companies and downbeat comments from a Federal
Reserve official. [] []
The dollar eked out small gains against the euro in early
trade on Friday, but remained on the defensive near a
three-month low against a basket of currencies on concerns U.S.
growth may be disappointingly weak. []
Precious metals prices at 0304 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1167.40 -0.65 -0.06 6.54
Spot Silver 17.54 -0.05 -0.28 4.22
Spot Platinum 1553.00 -7.00 -0.45 5.86
Spot Palladium 484.00 -1.28 -0.26 19.36
TOCOM Gold 3252.00 -39.00 -1.19 -0.21
31416
TOCOM Platinum 4356.00 -19.00 -0.43 -0.57
6662
TOCOM Silver 49.50 -0.80 -1.59 -4.26
190
TOCOM Palladium 1351.00 23.00 +1.73 15.97
473
Euro/Dollar 1.3057
Dollar/Yen 86.33
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
