* Gold rises, concerns over euro debt stay
* For a technical view on spot gold; click: [
]* Coming Up: EU Industrial production; 0800 GMT (Updates prices)
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 on lingering concerns about the strength of the global economic recovery.
Although jewellers may buy gold on dips, the metal was likely to trade in a 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 $1,229.75 an ounce by 0605 GMT, up $4.35 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 developments 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> added $1.4 an ounce to $1,231.6 but are off an intraday high around $1,234.
A euro 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 benchmark Nikkei average <
> ended up 1.80 percent at 9,879.85 on Monday, tracking gains in Wall Street as U.S. consumer sentiment improved. [ ] [ ]Oil climbed more than $1 on Monday, heading towards $75 a barrel as renewed optimism about the global economic recovery rekindled appetite for risk, sending stock markets higher and the dollar down. [
] Precious metals prices at 0605 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1229.75 4.35 +0.35 12.23 Spot Silver 18.36 0.18 +0.99 9.09 Spot Platinum 1554.25 14.75 +0.96 5.95 Spot Palladium 453.25 14.25 +3.25 11.78 TOCOM Gold 3647.00 42.00 +1.17 11.91 27593 TOCOM Platinum 4636.00 76.00 +1.67 5.82 12651 TOCOM Silver 54.90 0.60 +1.10 6.19 372 TOCOM Palladium 1350.00 11.00 +0.82 15.88 118 Euro/Dollar 1.2190 Dollar/Yen 91.97 TOCOM prices in yen per gram. Spot prices in $ per ounce. (Editing by Ed Lane)