* Gold ends quarter up more than 4 percent
* SPDR holdings unchanged at record 1,127.44 tonnes
* Eyes on G20 talks on global crisis
(Updates with quotes, closing prices, adds NEW YORK to
dateline)
By Frank Tang and Pratima Desai
NEW YORK/LONDON, March 31 (Reuters) - Gold prices rose
slightly on Tuesday, but easing worries about financial
markets, a stock market rally and a stronger dollar were
expected to undermine sentiment ahead of a meeting of G20
leaders.
Also weighing on sentiment was news that India, the world's
largest market for gold, did not import any for the second
month running in March. []
Spot gold <XAU=> was at $919.75 an ounce at 2:55 p.m. EDT
(1855 GMT), up 0.4 percent from its last quote $916.30 late in
New York on Monday.
By the end of the first quarter, the precious metal was up
more than 4 percent since the end of last year, but down about
9 percent since an 11-month high above $1,000 last month.
U.S. gold futures for June delivery <GCM9> settled up $7.30
at $925.00 an ounce on the COMEX division of the New York
Mercantile Exchange.
Bullion moved in volatile trade, taking its cue from the
currency markets, where the euro <EUR=> rose against the
dollar, but pared some of its gains after weak U.S. housing
data. []
But the U.S. currency is expected to hold near two-week
highs seen on Monday, denting the upside for bullion as a
higher greenback makes metals priced in dollars more expensive
for holders of other currencies, traders said.
"We've seen this week the dollar generally strengthening
which is depressing gold prices," Daniel Smith, an analyst at
Standard Chartered, said. "ETF (exchange traded fund) holdings
are going sideways."
Investors use gold as a hedge against financial
uncertainty, but that seems to be abating. Some selling on the
back of a stronger tone on stock markets is weighing on gold
prices.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said holdings stayed unchanged at a
record 1,127.44 tonnes as of March 30, a level first reached on
March 29. []
James Steel, chief commodities analyst at HSBC, said in a
note that any price decline in bullion would likely be limited
as long as investors in gold ETFs remained strong.
However, "an element in gold's decline, we believe, is the
slide in commodity prices, notably crude oil, base metals, and
grains," Steel said.
INDIAN SCRAP
Another negative for gold is the amount of scrap coming
into the physical market.
"There are some reports out that India has actually become
a net exporter of gold. People are saying it is coming out in
the form of coins," Smith said. []
The Bombay Bullion Association told Reuters India did not
import any gold in February and March. In the same two months
last year it imported 23 and 21 tonnes respectively.
Looking forward, leaders of the Group of 20 leading
developed and developing countries meet to discuss ways out of
the global crisis on Thursday.
Spot silver <XAG=> at $12.94 an ounce, down 0.7 percent
from its previous finish $13.03 on Monday. Palladium <XPD=> was
at $214.00 an ounce, up 0.2 percent from its previous finish of
$213.50 and platinum <XPT=> was at $1,121.00 an ounce, up 0.8
percent from its previous close of $1,112.
Autocatalyst material platinum was bolstered by hopes that
the worst could be over for the auto industry in Europe.
But the metal could come under further pressure if the auto
industry in the United States does not receive the help it says
it needs. []
(Reporting by Frank Tang and Pratima Desai; Editing by Lisa
Shumaker)
