* Gold little changed after weak China GDP data
* SPDR Gold Trust <GLD> holdings stay at record high
(Updates prices, releads, adds quotes)
By Risa Maeda
TOKYO, April 16 (Reuters) - Gold was little changed around
$890 per ounce on Thursday, torn between weakening stock
markets and a lack of strong physical buying.
Bullion earlier got a boost when Asian stocks pared gains
as investors cash in profits after China posted its slowest
quarterly growth ever.
But European stocks futures indicate a higher opening later
in the day, which may keep gold traders from making bullish
bets. []
"Investors seem to be closely watching developments in
stock markets for any further clues. It isn't clear whether
it's a bear market rally or a fresh rally in the beginning,"
said Pradeep Unni, trader at Richcomm Global Services.
Gold is still stuck in a range, with $885 on the downside
and $900 on the higher side, he added.
Spot gold <XAU=> stood at $891.20 per ounce at 0625 GMT, up
0.1 percent from New York's notional close of $890.60.
It last closed above $900 on April 2 before hitting a
10-week low of $864.30 last week.
Gold rose a touch on Wednesday on a recovery in demand from
India, the world's top gold consumer, ahead of a key
gold-buying festival at end-April, but this did not exert a
strong influence on the market on Thursday. []
"There is a little bit of a recovery in physical demand in
India, which is related to the season. But it is not strong,"
said Dick Poon, a division manager at Heraeus Ltd in Hong Kong.
"I think money is still being put back into the equity
markets ... We may test the level below $880 again because
there is no strong buying, and the holdings at ETFs aren't
rising for the time being," he said.
Stocks trimmed gains after data showing China's economy
grew 6.1 percent in the first quarter from a year earlier, the
weakest growth on record but posted other data, such as
industrial output, that signalled some optimism.
[]
Japan's Nikkei stock average <> ended up 0.14 percent
after earlier climbing more than 3 percent, while MSCI's
measure of stocks elsewhere in the Asia-Pacific region
<.MIAPJ0000PUS> rose 0.53 percent. [] []
Technical charts suggest gold has maintained its momentum,
staying above its 100-day moving average of $886.
But investors mostly stayed on the sidelines, waiting for
clearer signals on the outlook for the financial sector and
equity markets, with a slew of corporate earnings due in the
coming weeks.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said its holdings as of April 15
remained unchanged at a record 1,127.68 tonnes, a level first
reached on April 9. []
Precious metals prices at 0639 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 891.30 0.70 +0.08 7.04
Spot Silver 12.74 -0.01 -0.08 -13.74
Spot Platinum 1222.00 5.50 +0.45 -19.61
Spot Palladium 237.00 2.50 +1.07 -35.60
TOCOM Gold 2846.00 3.00 +0.11 -6.99
21379
TOCOM Platinum 3903.00 3.00 +0.08 -26.90
19094
TOCOM Silver 403.00 1.70 +0.42 -25.51
288
TOCOM Palladium 765.00 4.00 +0.53 -43.38
387
Euro/Dollar 1.3195
Dollar/Yen 98.85
TOCOM prices in yen per gram, except for TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Additional reporting by Miho Yoshikawa; Editing by Ben Tan)
