* Concerns over fiscal health of euro zone linger
* Talk about Fed monetary policy guidance also lifts dollar
* Anglo Platinum may lift 2010 output to meet demand
(Updates prices, adds comment)
By Jan Harvey and Rebekah Curtis
LONDON, April 13 (Reuters) - Gold prices fell on Tuesday,
pressured by the euro losing traction versus the dollar due to
ongoing concerns about the potential efficacy of a European aid
package for debt-laden Greece.
Spot gold <XAU=> was bid at $1,148.90 an ounce at 1533 GMT,
against $1,155.00 late in New York on Monday. U.S. gold futures
for June delivery <GCM0> on the COMEX division of the New York
Mercantile Exchange fell $6.10 to $1,156.10 an ounce.
The metal rose to a four-month high of $1,168.70 early on
Monday as relief over the 30 billion euro ($40.81 billion)
bailout plan sparked a rally in the euro. However, it failed to
sustain those gains.
"There are a few worries creeping in about a correction, as
we have had a good move," said Saxo Bank Senior Manager Ole
Hansen. "But it is healthy that we finally managed to break
recent highs."
He said the market was being driven chiefly by currency
moves, with uncertainty linked to a possible yuan revaluation by
China also a background factor.
The euro fell to a session low as investors worried about
the fiscal health of Greece, with results from a Greek Treasury
bill auction showing the market still required a high premium to
hold Greek assets.
Also knocking the euro against the dollar was trader talk of
a report from an influential U.S. think tank, saying the Federal
Reserve may be on the verge of changing its monetary policy
guidance. The dollar had earlier fallen after data showing a
larger-than-expected U.S. trade deficit. []
Concern over the fiscal health of peripheral euro zone
economies like Greece has weighed heavily on the euro this year,
knocking it more than 5 percent lower versus the dollar.
By the same token, gold priced in euros hit record highs
recently as some European investors switched into hard assets
<XAUEUR=R>.
Strength in the dollar curbs gold's appeal as an alternative
asset and makes commodities priced in the U.S. unit more
expensive for holders of other currencies.
POISED FOR GAINS
From a technical perspective, gold is poised for further
gains, analysts said, but may need to put in several sessions of
consolidation before it tracks higher once again.
"Gold remains in overbought territory with immediate support
around $1,150 and then $1,142.50," said VTB Capital analyst
Andrey Kryuchenkov in a note.
"We need to see a confirmed pullback below these levels to
suggest a definite and much-needed correction."
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For a technical analysis of the spot gold price, click
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Among other commodities, oil fell for a fifth straight
session to below $84 on Tuesday, almost erasing April's gains,
as a forecast increase in U.S. crude inventories fuelled concern
about excess supplies and sluggish demand growth. []
Investment demand for gold was tempered on Monday, with
holdings of the world's largest gold-backed exchange-traded
fund, New York's SPDR Gold Trust <GLD>, unchanged at record
highs on Tuesday. []
Buyers have been reassured by a pick-up in ETF holdings
after outflows earlier this year. Holdings of the SPDR fund are
up 7.419 tonnes so far this year, well below the inflows of
347.45 tonnes seen in the same period of last year.
Among other precious metals, platinum <XPT=> prices
retreated from the previous session's 20-month high to trade at
$1,710 an ounce, against $1,720 late in New York on Monday.
The world's biggest producer of the white metal, Anglo
Platinum <AMSJ.J>, said it expects demand to improve this year
and may raise production by around 200,000 ounces to meet that.
[]
Palladium <XPD=> was at $519.50 against $516.50, while
silver <XAG=> was bid at $18.05 an ounce against $18.19.
(Editing by Veronica Brown)
