* Gold rises, concerns over euro debt stay
* For a technicals view on spot gold; click:
[]
* Coming Up: EU Industrial production; 0800 GMT
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, June 14 (Reuters) - Gold rose further on Monday
as investors bet a rebound in the euro could be short-lived and
concerns about a global economic recovery lingered.
Although jewellers may buy gold on dips, the metal was
likely to trade a in range unless it passes key resistance
around $1,250 an ounce. Gold struck a record at $1,251.20 last
week on fears the euro zone's sovereign debt crisis may spread.
For a graphic showing the spot gold technical outlook,
see:
http://graphics.thomsonreuters.com/gfx/WT_20101406091213.jpg
Spot gold <XAU=> was at $1,229.10 an ounce by 0315 GMT, up
$3.70 from New York's notional close on Friday. Trading was
volatile last week, with prices falling to a low around $1,214
an ounce just two days after it hit an all-time high.
"I think we can say there's a little bit of short covering.
That's all. We are still watching the development in the euro
zone," said Ronald Leung, director of Lee Cheong Gold Dealers
in Hong Kong.
"As long we don't break (fall below) $1,200, we still
continue to be bullish," he added.
U.S. gold futures for August delivery <GCQ0> hardly changed
at $1,230.5 after hitting an intraday high around $1,234.
The euro's short-covering rally took it briefly above $1.22
against the dollar, its strongest in a week, on Monday.
But dealers were cautious about the sustainability of any
euro gains because of concerns over euro zone debt problems.
[]
Holdings in the world's largest gold-backed exchange-traded
fund, SPDR Gold Trust <GLD.P>, were unchanged at a record high
of 1,306.137 tonnes. []
Other precious metals were mostly steady on Monday, waiting
for cues from bullion.
Silver prices could rise to $21 an ounce by the end of the
year on gold's coattails and an industrial demand recovery,
said Philip Newman, research director of respected precious
metals consulting firm GFMS Ltd on Sunday. []
There was a lack of activity in the physical sector, which
suggested the rise in prices were mostly driven by speculators
covering positions.
"Honestly, there's nothing much over here. It's very quiet.
I am not getting any inquiries," said a dealer in Singapore.
Japan's Nikkei average jumped 1.6 percent on Monday on
bargain hunting, tracking gains in Wall Street as U.S. consumer
sentiment improved. [] []
Oil climbed 1 percent toward $75 on Monday as renewed
optimism about the global economic recovery rekindled appetite
for risk, sending stock markets higher and the dollar down.
[]
Precious metals prices at 0315 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1229.10 3.70 +0.30 12.17
Spot Silver 18.30 0.12 +0.66 8.73
Spot Platinum 1542.50 3.00 +0.19 5.15
Spot Palladium 450.00 11.00 +2.51 10.97
TOCOM Gold 3641.00 36.00 +1.00 11.72
21317
TOCOM Platinum 4594.00 34.00 +0.75 4.86
8001
TOCOM Silver 54.60 0.30 +0.55 5.61
258
TOCOM Palladium 1344.00 5.00 +0.37 15.36
72
Euro/Dollar 1.2181
Dollar/Yen 91.87
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
