PRECIOUS-Gold slips as risk appetite improves after China data

                                
 * Equity markets gain after China data
                                
 * For the technicals on gold, click: [ID:nSGE65900N]
                                
 * Coming Up: ECB rate decision, news conference; 1145 GMT
 (Updates prices)
                                
 By Lewa Pardomuan
                                
 SINGAPORE, June 10 (Reuters) - Gold slipped on Thursday as
strong export data from China and positive comments on the U.S.
economy from Federal Reserve Chairman Ben Bernanke whetted
investors' risk appetite and prompted a rise in equity markets.
                                
 Asian stocks rose, but lingering fears the euro zone's
sovereign debt crisis may be spreading capped gains.
[MKTS/GLOB]
                                
 Spot gold <XAU=> was at $1,227.60 an ounce by 0604 GMT,
down $2.75 from New York's notional close on Wednesday, when it
slipped after Bernanke said bullion was sending a different
signal in response to inflation. [ID:nN09144567]
                                
 Gold struck a record at $1,251.20 on Tuesday after
investors ditched the euro because of the debt crisis in Europe
and uncertainties over the future of U.S. interest rates.
                                
 For a graphic showing the gold technical outlook, see:
 http://graphics.thomsonreuters.com/gfx/WT_20101006093955.jpg 
  "Gold is consolidating before testing higher again. The main
driver is still the equity markets," said a dealer in Hong
Kong.
                                
 "But sentiment is still bullish because of gold's unique
safe-haven status."
                                
 U.S. gold futures for August delivery <GCQ0> were barely
changed at $1,230.7 an ounce after falling more than 1 percent
on Wednesday, partly due to Bernanke's comments.
                                
 Bernanke said on Wednesday the U.S. economic recovery was
on a solid footing but cautioned it could be years before the
jobs lost during the deep recession of 2008-2009 are restored.
[ID:nN09158380]
                                
 Thursday's China data also contributed to raising hopes for
a global economic recovery. China's exports rose 48.5 percent
in May from a year, much more than initially expected and in
line with the number leaked the previous day. [ID:nLDE65901V]
                                
 For more stories on the Chinese economy, click [ID:nECONCN]
                                
 "The good data should be good for risk taking. It should be
positive on stocks and risk trades. If people are taking more
risks, naturally they will come out of gold and go into
stocks," said Wong Eng Soon, investment analyst at Phillip
Futures in Singapore.
                                
 "On an intraday basis, there seems to be more downside risk
right now."
                                
 The euro extended gains versus the dollar on Thursday,
while the Australian dollar rose further on upbeat Australian
employment data and China's strong trade figures. [USD/]
                                
 Oil reversed losses on Thursday, rebounding towards $75,
after data showing Chinese overall exports surged in May
outweighed weaker demand readings in top consumer the United
States. [O/R]
 Precious metals prices at 0604 GMT
 Metal             Last    Change  Pct chg  YTD pct chg
Turnover
 Spot Gold        1227.60   -2.75   -0.22     12.04
 Spot Silver        18.11    0.04   +0.22      7.61
 Spot Platinum    1531.50    6.50   +0.43      4.40
 Spot Palladium    449.95    2.45   +0.55     10.96
 TOCOM Gold       3610.00  -39.00   -1.07     10.77       
33388
 TOCOM Platinum   4528.00   23.00   +0.51      3.36       
12577
 TOCOM Silver       53.60   -0.80   -1.47      3.68         
297
 TOCOM Palladium  1335.00   17.00   +1.29     14.59         
288
 Euro/Dollar       1.2055
 Dollar/Yen         91.17
 TOCOM prices in yen per gram. Spot prices in $ per ounce.
 (Editing by Himani Sarkar)