* Risk appetite slightly higher, but macro worries persist
* IMF sells gold to Bangladesh
* Bullion seen revisiting record highs in weeks
(Recasts, updates prices and comments, previous SINGAPORE)
By Humeyra Pamuk
LONDON, Sept 10 (Reuters) - Gold held steady below $1,250 an
ounce on Friday after a slight improvment in risk appetite
weighed on prices but bullion still looked on track to test
record highs on lingering worries about the global economy.
Bullion touched its highest in two months above $1,262 an
ounce this week on renewed worries about the European banking
sector, before losing some gains to profit-taking and
better-than-expected U.S. data on jobless benefits on Thursday.
Spot gold <XAU=> was at $1,248.65 an ounce by 0934 GMT,
versus $1,248.27 an ounce late in New York on Thursday. Bullion
struck a record high just under $1,265 in June.
"The upward trend is still very much in place," said analyst
Daniel Brebner at Deutsche Bank. "We have seen marginal
improvement in risk appetite but worries about European
sovereign debt...that's kept investors cautious," he said.
"It's just a matter of time before we hit $1,300 an ounce,"
Brebner added.
European shares fell as reports that Deutsche Bank
<DBKGn.DE> plans to raise capital sparked worries about the
whole banking sector. In Asia, stocks had hit a four-month high
as some investors were inspired by positive U.S. and Japanese
economic data. [] []
The dollar <.DXY> edged down against a basket of currencies,
making dollar-denominated gold cheaper for non-U.S. currency
holders, but still failed to lift bullion. []
"There is some selling interest around highs, some
profit-taking after recent rallies," said Commerzbank trader
Michael Kempinski. "But I believe the downside is pretty
limited," he said.
U.S. gold futures for December delivery <GCZ0> was flat at
$1,250.9 an ounce. The all-time high on the December futures
chart sits at $1,270.60 per ounce. []
CENTRAL BANK INTEREST
Interest from Asian central banks in bullion was another
factor which supported the prices in the long-term, analysts
said, after The International Monetary Fund said it sold 10
tonnes of gold to the central bank of Bangladesh this week.
"The news indicates that Asian banks continue to raise gold
holdings in preference to currency," said analyst John Meyer at
Fairfax in a research note.
"It is typical for further central bank gold purchases to
follow," he added, predicting higher prices for gold over the
next few months.
The gold market is sensitive to buying by Asian central
banks. Purchases by India, Mauritius and Sri Lanka helped boost
prices earlier this year, while speculation China was in the
market for IMF gold in February, ultimately unfounded, sent
prices higher by 1 percent.
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P>, said its holdings slipped to 1,293.531
tonnes by Sept 9 from 1,294.442 tonnes by Sept 3. The holdings
hit a record at 1,320.436 tonnes on June 29. []
Spot silver <XAG=> was at $19.84 an ounce from $19.79 late
in New York on Thursday. It touched $20.14 an ounce earlier this
week, its highest since March 2008.
Deutsche Bank analysts said silver could outperform the
precious metals complex.
"However, given our conviction that central bankers will
lean heavily towards an inflationary outcome rather than
deflationary, we expect that precious metals such as silver or
palladium could outperform in a precious metals context."
Palladium <XPD=> was at $520.75 an ounce versus $518.73 an
ounce while platinum <XPT=> was at $1,551 an ounce compared with
Thursday's $1,548.28 an ounce.
(Additional reporting by Lewa Pardomuan in SINGAPORE;
editing by Keiron Henderson)
