PRECIOUS-Gold inches up but off 6-wk highs, ETF unchanged

                                
 TOKYO, July 24 (Reuters) - Gold prices inched up on Friday
but were off a six-week high hit the previous day, with investors
eyeing the dollar and stocks for direction as growing recovery
hopes fuel inflation concerns and boost bullion's hedge appeal.
                                
 FUNDAMENTALS
                                
 * Spot gold <XAU=> edged up 0.1 percent to $948.45 per ounce
as of 0000 GMT, compared with New York's notional close of
$947.15 per ounce on Thursday.
                                
 * At current levels, gold is set for a weekly rise of a
little over 1 percent, after hitting a six-week high of $957.10
on Thursday.
                                
 * U.S. gold futures for August delivery <GCQ9> slipped 0.6
percent to $949.20 per ounce in thin volume, compared with
$954.80 an ounce on the COMEX division of the New York Mercantile
Exchange. Gold futures ended above $950 an ounce on Thursday as
better-than-expected U.S. housing data fuelled optimism about the
economy, boosting bullion's appeal as a hedge against long-term
inflation.
                                
 * The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said holdings stood at 1,086.61 tonnes as
of July 23, unchanged from the previous business day. [GOL/SPDR]
                                
 MARKET NEWS
                                
 * The Nikkei average rose 1.1 percent. [.T]
                                
 * U.S. stocks surged on Thursday, driving the Dow industrials
above the key 9,000 mark for the first time since January, as
strong corporate profits and rebounding home sales spurred
optimism about the economy. [.N]
                                
 * The dollar and euro held gains against the yen on Friday,
after rising the previous day as upbeat U.S. corporate results
and housing data fuelled optimism about the economy and dented
safe-haven demand for the Japanese currency. [USD/]
                                
 DATA EVENTS
                                
 * The following data is expected on Friday: <ECON>
                                
 - German PMI flash estimates for July. (0728 GMT)
                                
 - Euro zone PMI flash estimates for July. (0758 GMT)
                                
 - German IFO survey for July. (0800 GMT)
                                
 - UK Q2 GDP. (0830 GMT)
                                
 - Reuters/University of Michigan Surveys of Consumers final
July consumer sentiment. (1355 GMT)
                                
 - U.S. Treasury Secretary Tim Geithner and Federal Reserve
Chairman Ben Bernanke testify. (1430 GMT)
                                
 - U.S. ECRI weekly. (1430 GMT)
                                
 RELATED NEWS
                                
>Gold rises on economic optimism, U.S. silver ETF       [GOL/]
                                
>ETF Securities gold ETC holdings slip 11,250/oz [ID:nLN40957]
                                
>ETFS Silver Trust issues silver-backed shares  [ID:nLN674579]
                                
>Oil propelled higher by gasoline rally,Wall St[ID:nSIN419483]
                                
>US existing home sales up,fuel recovery hopes [ID:nN23398724]
                                
 PRICES
                                
 Precious metals prices at 0002
 Metal         Last      Change  Pct chg  Day ago pct  MA 30  RSI
 Spot gold     $949.15    $2.00  +0.21%    +5.81%    $860.10   68
 Spot silver    $13.70    $0.00  +0.00%   +14.36%     $11.29   65
 Spot plat    $1178.50    $4.50  +0.38%    +0.55%   $1160.95   62
 COMEX gold    $949.50    $1.60  +0.17%    -0.40%    $932.98   66
 TOCOM gold      2,905        3  +0.10%    +1.43%      2,851   65
 TOCOM plat      3,611       34  +0.95%    +2.06%      3,564   60
 Currencies
 Euro/dlr       $1.416   $0.000  +0.03%    -0.32%
 Dlr/yen         94.90    -0.06  -0.06%    +1.40%
 (Reporting by Chikako Mogi; Editing by Michael Watson)