* Gold bounces from lows, jewellers active
* For the technical on gold, click []
* Coming Up: U.S. Real GDP Q2; 1230 GMT
(Recasts, adds activity in physical front)
By Lewa Pardomuan
SINGAPORE, July 30 (Reuters) - Gold gained on Friday as
jewellers across Asia replenished stocks and other physical
buyers snapped up bullion ahead of U.S. second quarter GDP data
that will offer 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 reduced
consumer spending. For a preview, click: []
Gold <XAU=> hit an intraday low around $1,165 an ounce
before bouncing to $1,168.80 by 0603 GMT, up 75 cents from New
York's notional close. Despite the gains, gold was still
heading for its biggest weekly decline since early July.
For a 24-hour gold technical outlook, click:
http://graphics.thomsonreuters.com/WT/20103007091228.jpg
"The market is very hot. There's plenty of physical demand
and I can't meet the orders. It's from India, Indonesia and
Thailand," said a physical dealer in Singapore. "Basically we
are seeing buying from jewellers and investors from the Far
East."
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. []
"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."
U.S. gold futures for August delivery <GCQ0> was unchanged
at $1,168.4 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.
But dealers in Hong Kong reported physical buying in gold,
which helped pluck prices from Friday's lows. For details on
premiums of gold bars in Asia, click <GOLD/ASIA1>
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 ended down 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 fell to an eight-month low against the yen on
Friday, hurt by selling from Japanese exporters and concerns
that U.S. GDP data would add to signs of fading momentum for
the U.S. economic recovery. []
Precious metals prices at 0603 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1168.80 0.75 +0.06 6.67
Spot Silver 17.59 0.00 +0.00 4.52
Spot Platinum 1554.80 -5.20 -0.33 5.99
Spot Palladium 485.00 -0.28 -0.06 19.61
TOCOM Gold 3258.00 -33.00 -1.00 -0.03
39370
TOCOM Platinum 4363.00 -12.00 -0.27 -0.41
8297
TOCOM Silver 49.60 -0.70 -1.39 -4.06
311
TOCOM Palladium 1359.00 31.00 +2.33 16.65
715
Euro/Dollar 1.3064
Dollar/Yen 86.40
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)
