PRECIOUS-Gold eases as dollar gains, equity pressure supports

                                
 * SPDR gold ETF <XAUEXT-NYS-TT> gains, 1st time in a month
                                
 * More signs of economic turmoil would give gold fresh lift
                                
 * Dollar firms against the euro
                                
 
                                
 (Updates comments and prices)
                                
 By Humeyra Pamuk and Pratima Desai
                                
 LONDON, May 14 (Reuters) - Gold dipped on Thursday as the
dollar firmed, but was seen supported by risk aversion as equity
markets succumbed to doubts that a recent winning streak was
sustainable.
                                
 A fall in U.S. retail sales data on Wednesday dented
sentiment that had boosted equity and commodity markets and
signalled that the economy's troubles were far from over.
                                
 Spot gold <XAU=> was at $923.20 per ounce at 1123 GMT, from
$925.45 late in New York on Wednesday, when it touched a
six-week high on buying by gold-backed exchange-traded funds.
                                
 "We think equity markets have overcooked the upturn," said
Michael Lewis, global head of commodities research at Deutsche
Bank. 
                                
 "You could see the S&P falling, that could, depending on the
degree of fall trigger more discussion of quantitative easing in
the U.S., which could contribute to weakness in the dollar."
                                
 The dollar rose <EUR=>, touching its highest against the
euro in roughly a week, after the weak U.S. retail data kept
risk aversion high. Gold becomes more expensive for holders of
other currencies as the U.S. currency strengthens.[FRX/]
                                
 Wall Street tumbled in the previous session, dragging down
European shares, which were lower at midday.  [.EU] [.N]
                                
 
                                
 BULLISH
                                
 With the world economy not out of the woods yet, analysts
saw higher price prospects for gold.
                                
 "We're bullish for the next couple of months. We feel that
these reflationary trades...are now going to be under attack and
those sorts of environments do tend to see flows into gold
ETFs," Lewis said. He was referring to recent gains in copper
and oil prices.
                                
 The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, earlier said holdings had risen to
1,105.62 tonnes as of May 13, up 1.53 tonnes from the previous
business day for the first gain in a month. [GOL/SPDR]
                                
 "The inflow is still marginal relative to the massive gold
inflows seen in the first quarter this year," analysts at
Commerzbank said in a research note. "In this context, we view
the upward potential for gold as limited at present."
                                
 U.S. gold futures for June delivery <GCM9> were slightly
down at $923.8 per ounce, from Wednesday's settlement of $925.90
on the COMEX division of the New York Mercantile Exchange.
                                
 Analysts see the safe-haven appeal of bullion preventing it
from falling further."Looks like 920 could hold as support. On
the upside I think at $930-935 you should have resistance," said
Afshin Nabavi, head of trading at MKS Finance in Geneva.
                                
 Vietnam's gold traders have sought permission from the
central bank to import up to $600 million worth of gold, calling
for an end to a year-long ban, a state-run newspaper reported.
 [ID:nHAN383633]
                                
 Platinum <XPT=> was at $1,099.00/1,107.00 an ounce from
$1,111.00 while silver <XAG=> was at $13.81/13.87 from $13.94
and palladium <XPD=> at $220.50/225.50 from $220.50.
(Additional reporting by Maytaal Angel, Editing by Keiron
Henderson)