* Gold steady, near highs; safe haven fears support
* Technically seen hitting new record, momentum strong
SINGAPORE, June 28 (Reuters) - Gold ticked higher on
Monday, trading less than $10 shy of last week's record high,
underpinned by worries about the global economy after the G20
summit and U.S. comments that Iran has fissile material for two
atomic bombs.
Gold saw support from fears about the durability and pace
of the global economic recovery, unallayed after the weekend's
G20 summit in Canada, and comments from the head of the CIA
that Iran may have enough fissile material to make two atomic
weapons, and could build the first in two years.
"The underlying safe haven concerns have supported prices
-- the economic environment, Europe's fiscal outlook and the
longer term prospects for inflation," said David Moore,
commodities strategist at Commonwealth Bank of Australia.
"The G20 hasn't had an significant impact on markets, and
while concerns about Iran's nuclear capacity are nothing new,
there seems to be additional clarity."
Spot gold <XAU=> rose $2.45 to $1,255.85 an ounce by 0420
GMT after a steady performance last week during which bullion
struck a record high above $1,264.
Gold could rise further to surpass the June 21 record high
at $1,264.90 per ounce to touch $1,270, as bullish momentum is
strong, according to Reuters technical analyst Wang Tao.
He noted the bulls were taking control with prices in an
ascending channel from a $1,224.30 low struck last Wednesday
and sharp rises and mild falls. []
For a graphic, click:
http://graphics.thomsonreuters.com/gfx/WT_20102806085709.jpg
U.S. gold futures for August delivery <GCQ0> rose 70 cents to
$1,256.90 an ounce.
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P> said its holdings remained unchanged at at
an all-time high at 1,316.177 tonnes. []
U.S. lawmakers hammered out a historic overhaul of
financial regulations, handing President Barack Obama a major
domestic policy victory. [] []
"The U.S. regulations are pretty worrying. That's something
that we will need to look at more closely," a commodities
trading source in Singapore said.
"So far people are taking a wait see attitude and it's hard
to assess the impact on prices."
Dozens of House Democrats had threatened to vote against a
ban on swaps trading on grounds the trade would move overseas.
Instead a compromise solution allows banks to stay involved
in foreign-exchange and interest-rate swaps dealing, which form
the bulk of the $615 trillion over-the-counter derivatives
market. They also could participate in gold and silver swaps
and derivatives designed to hedge banks' own risk.
But they would need to spin off dealing operations that
handle agricultural, energy and metal swaps, equity swaps and
uncleared credit default swaps.
Platinum <XPT=> rose 1.1 percent to $1,584.25 as worries
about output in the world's biggest producer, South Africa,
continued to underpin prices.
Analysts had worried the soccer World Cup could overtax
South Africa's electricity network, cutting power to mines, and
at the same time, workers at state power generator Eskom are in
the midst of pay talks, adding to the threat of supply
disruptions.
PRICES
Metal Last Change Pct chg MA 30 RSI
Spot gold $1255.85 $2.45 +0.20% $1223.57 65
Spot silver $19.12 $0.08 +0.42% $18.37 65
Spot plat $1584.25 $17.75 +1.13% $1555.72 60
COMEX gold $1255.00 -$0.80 -0.06% $1194.76 65
TOCOM gold 3,622 36 +1.00% 3,595
TOCOM plat 4,598 77 +1.70% 4,565
Currencies
Euro/dlr $1.238 $0.001 +0.06%
Dlr/yen 89.42 0.09 +0.10%
(Editing by Clarence Fernandez)
