* Gold under pressure as dollar strengthens against euro
* Safe-have demand in gold fades after U.S. stimulus plans
* SPDR Gold Trust stays at record high
(Recasts, updates with quotes, closing prices, adds NEW
YORK to dateline)
By Frank Tang and Rebekah Curtis
NEW YORK/LONDON, March 27 (Reuters) - Gold fell on Friday
as precious metals came under pressure from a strengthening
dollar and reduced safe-haven demand after recent U.S. steps to
stem an economic crisis.
Gold <XAU=> was at $921.55 an ounce at 2:45 p.m. EDT (1445
GMT), down 1.2 percent from $933.05, its late quote in New York
on Thursday.
U.S. gold futures for April delivery <GCJ9> settled down
$16.80, or 1.8 percent, at $923.20 an ounce on the COMEX
division of the New York Mercantile Exchange.
The dollar rose, with the euro extending declines to fall
more than 2 percent against the U.S. currency as Wall Street
fell further. [] [].
A higher U.S. currency makes metals priced in dollars more
expensive for holders of other currencies.
"It's all dollar related," said David Thurtell, an analyst
at Citi, adding that he expected gold to drift lower.
"Gold's going to track between $875 an ounce and $950 in
the next 18 months," he said.
U.S. and European stock markets dropped on Friday, but
analysts said that recent steps by the U.S. government to
bolster the ailing economy may encourage investors to brave
riskier assets such as equities.
Nick Moore, a commodity strategist at RBS Global Banking &
Markets, said investors were pocketing profits on gold after a
strong quarter, but prices of the precious metal could march
higher still.
Bullion has risen about 5.5 percent so far in the first
quarter, having recovered from a six-week low of $882.90 hit on
March 18. But it is still 7 percent off the 11-month high above
$1,000 set in February, and well under an all-time peak of
$1,030.80 hit in March 2008.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said holdings remained unchanged at a
record 1,124.99 tonnes as of March 26. []
For a graphic, click on:
https://customers.reuters.com/d/graphics/MKTS_SPDRGLD240309.jpg
For details on the gold holdings of the ETF listed in New
York and co-listed on other exchanges, click on:
http://www.exchangetradedgold.com/iframes/usa.php
RANGE BOUND
Gold prices have been stuck in ranges as players await new
incentives now that the U.S. government appears to have taken
all measures possible to deal with the country's economic and
financial distress, traders said.
Traders said some funds may have shifted from gold to
silver trust holdings, but the impact on spot gold prices was
limited due to the smaller size of the silver trust than that
of gold.
Silver <XAG=> was at $13.29 an ounce, down 1.3 percent from
its previous finish of $13.46.
The world's largest silver-backed exchange-traded fund, the
iShares Silver Trust <SLV>, said its bullion holdings rose
116.49 tonnes or 1.4 percent from the previous day to a record
8,296.93 tonnes as of March 26. []
For a graphic, click on:
https://customers.reuters.com/d/graphics/CMD_SLVETF0309.jpg
Platinum <XPT=> was at $1,130.00 an ounce, down 1.0 percent
from its previous close of $1,141. The metal, used in auto
catalysts to clean car emissions, hit a six-month high of
$1,159.00 an ounce on signs that there is more government aid
for U.S. automakers.
Palladium <XPD=> was at $217.00 an ounce, down 1.8 percent
from its previous finish $221.
(Additional reporting by Chikako Mogi in Tokyo; Editing by
Marguerita Choy)
