* Gold pressured as euro slips vs dlr on euro zone worry
* COMEX volume near one-year low as trading slows
* Ratios of gold to silver, platinum highest since June
* Coming up: U.S. July existing home sales due Tuesday
(Recasts, adds comment, updates prices to market close,
adds second byline/dateline)
By Frank Tang and Jan Harvey
NEW YORK/LONDON, Aug 23 (Reuters) - Gold was largely flat
in quiet trade on Monday, as investors awaited key U.S. housing
and GDP data later this week, which could provide support to
the metal viewed as a safe haven in times of uncertainties.
A firmer dollar against the euro kept gold from rising
further, as new euro zone data added to concerns that economy
recovery could be stalling. Crude oil also fell for a fourth
day in a row due to economic worries. [] []
Last week, the metal had its first three-week rally since
June after data showing new claims for U.S. employment benefits
unexpectedly climbed to a new high, and after the Federal
Reserve downgraded its economic outlook.
"All the signs are that for the U.S. economy, the fast part
of the recovery is over, and it is now making modest gains. The
gains are simply not enough to reduce unemployment," said
Citigroup analyst David Thurtell.
"There are concerns about the flow-on that will have on the
equity markets, so that is helping gold," he said. "There are
also more signs, perhaps, that the Fed will have to do some
more quantitative easing."
Spot gold <XAU=> was at $1,226.50 an ounce at 3:22 p.m. EDT
(1922 GMT), against $1,226.95 late in New York on Friday. U.S.
gold futures for December delivery <GCZ0> settled down 30 cents
at $1,228.50.
Trading volume in COMEX gold futures was near a one-year
low at just 55,000 lots on Monday during the slower summer
sessions, preliminary exchange data showed.
Bullion has been on a rising trend on safe-haven demand
amid double-dip recession worries since it bottomed in late
July. Gold rallied to a 1-1/2 month high at $1,237.15 an ounce
last week after a spate of lackluster U.S. data knocked
confidence in the economic recovery.
Gold could still face stiff resistance at around $1,238 --
the 76.4 percent Fibonacci retracement level, and technical
charts showed daily momentum is turning lower, CitiFX said.
(Graphic: http://link.reuters.com/ges66n)
"While we remain medium-term bullish, we are still not
convinced that gold is ready for the next move higher in the
near term." CitiFX said.
"We continue to believe that the danger of a correction
lower still exists."
The U.S. Commodity Futures Trading Commission's weekly
Commitment of Traders report showed noncommercial net long
positions in gold futures has climbed in three out of past four
weeks. (Graphic: http://link.reuters.com/cys66n)
A rise in positions held by short-term traders suggested
prices could retreat due to profit taking, analysts said.
AWAITING U.S. ECONOMIC DATA
Investment demand for gold has increased in recent
sessions, with holdings of the world's largest gold-backed
exchange-traded fund, the SPDR Gold Trust <GLD>, rising by
nearly 13 tonnes last week, its biggest one-week climb since
early June. []
This week, possible disappointment from the U.S. economic
data, including the existing home sales, weekly initial jobless
claims and GDP data, could boost buying of gold as an
alternative investment, said Zachary Oxman, managing director
of TrendMax Futures.
Gold has become increasingly expensive compared with the
industrial precious metals in recent weeks as concerns over the
outlook for economic growth have increased. The ratio of gold
to platinum and silver has risen to its highest since early
June. (Graphic: http://r.reuters.com/rew56n)
Silver <XAG=> was at $18.00 an ounce against $17.98 on
Friday. Platinum <XPT=> was at $1,507.50 an ounce against
$1,506.50 and palladium <XPD=> at $482 against $473.
Prices at 3:32 p.m. EDT (1932 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US gold <GCZ0> 1228.50 -0.30 0.0% 12.1%
US silver <SIU0> 17.992 0.001 0.0% 6.8%
US platinum <PLV0> 1508.60 -5.30 -0.4% 2.6%
US palladium <PAU0> 483.70 7.50 1.6% 18.3%
Gold <XAU=> 1226.15 -0.80 -0.1% 11.8%
Silver <XAG=> 17.99 0.01 0.1% 6.8%
Platinum <XPT=> 1507.50 1.00 0.1% 2.9%
Palladium <XPD=> 482.00 9.00 1.9% 18.9%
Gold Fix <XAUFIX=> 1226.00 -1.00 -0.1% 11.1%
Silver Fix <XAGFIX=> 17.94 -20.00 -1.1% 5.6%
Platinum Fix <XPTFIX=> 1510.00 3.50 0.2% 3.0%
Palladium Fix <XPDFIX=> 480.00 4.00 0.8% 19.4%
(Additional reporting by Jan Harvey in London; Editing by
Marguerita Choy)
