* Gold rises, but trade thin
* For the technical on gold, click []
* Coming Up: U.S. July consumer confidence; 1400 GMT
(Updates prices)
By Lewa Pardomuan
SINGAPORE, July 27 (Reuters) - Gold gained on Tuesday in a
thin market driven by a firm euro and a technical rebound as
prices briefly hit the 100-day moving average, while jewellery
makers stayed on the sidelines after recent purchases.
Investors are turning their attention to a series of U.S.
data that may set the tone for prices, which have dipped more
than 6 percent after surging to a record $1,264.90 in June.
Silver also firmed, while strong equities underpinned platinum.
Spot gold <XAU=> added $2.15 to $1,185.90 an ounce by 0547
GMT as dealers shrugged off a slight decline in ETF holdings.
Gold had fallen nearly $8 on Monday after strong U.S. home
sales data dented its safe haven appeal.
"I think definitely what we see is a bit of indecision now.
I think we do need new impetus for people to go into gold and
for people to be concerned about the economy again," said Ong
Yi Ling, an investment analyst at Phillip Futures in Singapore.
Still, "I don't foresee it dropping below $1,175," said
Ong, referring to a two-month low hit last week.
U.S. gold futures for August delivery <GCQ0> rose $2.2 to
$1,185.3 an ounce ahead of the release of data on U.S. consumer
confidence for July, ICSC chain stores and the S&P/Case-Shiller
20-city home price index.
The Nikkei inched up on Tuesday, drawing support from
robust earnings at home, a pickup in U.S. new home sales and
gains in U.S. stocks following an upbeat outlook from FedEx.
[] []
SPDR Gold Trust <GLD.P>, the world's largest gold-backed
exchange-traded fund, said its holdings fell to 1,301.742
tonnes by July 26 from 1,302.046 on July 22. The holdings hit a
record at 1,320.436 tonnes on June 29. []
"Honestly, I can't find any buying whatsoever. Everybody is
on the sidelines because the price is not high enough to sell,
and not low enough to buy. It's neither here nor there," said a
physical dealer in Singapore.
"I saw some buying from India yesterday but there's nothing
much after that," he said.
Gold demand in top consumer India is set to pick up ahead
of the busy festival season, starting with Raksha Bandhan on
Aug. 24, and extending till Dhanteras in November, the single
biggest gold buying day. [] []
The physical market also slowed to a trickle in Tokyo, with
many refiners shut for the summer holidays.
The euro edged up towards a two-month peak but there was
caution ahead of earning reports by some European banks,
including Deutsche Bank <DBKGn.DE>, which has not revealed its
exposure to Southern European countries in the wake of the
publication of stress test results. []
Precious metals prices at 0547 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1185.90 2.15 +0.18 8.23
Spot Silver 18.16 0.02 +0.11 7.90
Spot Platinum 1555.00 6.75 +0.44 6.00
Spot Palladium 471.50 -0.20 -0.04 16.28
TOCOM Gold 3326.00 -36.00 -1.07 2.06
26792
TOCOM Platinum 4388.00 10.00 +0.23 0.16
10844
TOCOM Silver 51.50 -0.30 -0.58 -0.39
162
TOCOM Palladium 1328.00 -4.00 -0.30 13.99
255
Euro/Dollar 1.3009
Dollar/Yen 86.95
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Ed Lane)
