* Investors ditch stocks, buy gold
* For the technicals on gold, click []
* Coming Up: U.S. ADP employment for June; 1215 GMT
(Updates prices)
By Lewa Pardomuan
SINGAPORE, June 30 (Reuters) - Gold gained on Wednesday,
heading for its seventh quarterly rise and its biggest increase
since end-2007, after holdings in the world's largest
bullion-backed ETF hit another record as investors rushed for
safety from tumbling stock markets.
The Nikkei dropped more than 2 percent after Wall Street
tumbled in a sell-off triggered by a wave of rising alarm over
the outlook for the global economy. [] [] []
Spot gold <XAU=> rose $3.65 to $1,241.65 an ounce by 0255
GMT after volatile trade on Tuesday, when it dropped toward
$1,220 before bouncing to around $1,241. Gold struck a record
near $1,265 an ounce last week.
"There's some uncertainty in the near future, causing the
market to push up a little bit. There's some safe haven
buying," said Ronald Leung, director of Lee Cheong Gold Dealers
in Hong Kong.
"We can say we will trade between $1,225 and $1,265 for
sometime. We need the investment funds to push it up."
For a graphic of the 24-hr gold technical outlook, click:
http://graphics.thomsonreuters.com/gfx/WT_20103006085940.jpg
U.S. gold futures for August delivery <GCQ0> were steady at
$1,242.7 an ounce. The contract hit an all-time high at
$1,266.50 last Monday.
Gold has struck a record because of worries the sovereign
debt crisis in Europe could spread and the U.S. economy is
slowing.
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P>, said its holdings rose to a record
1,320.436 tonnes by June 29 from 1,316.177 tonnes on June 24.
[] The yen and the Swiss franc held on to broad
gains on Wednesday as nervous investors rushed to unwind
leveraged carry trades on the back of a significant
deterioration in risk appetite. []
Global financial markets also face pressure after data
showed a fall in U.S. consumer confidence, a downward revision
to China's leading indicators index and an unexpected rise in
Japanese unemployment. [] []
[]
"There's selling pressure in stock markets and other
commodities, but we've seen a little bit of safe haven buying
in gold. I think we have a good support around $1,225 and
$1,228," said a dealer in Hong Kong, referring to previous
lows.
"If we trade above $1,250 again, we have another chance to
hit a record high again."
Silver <XAG=> and palladium <XPD=> were steady, while
platinum <XPT=> tracked industrial metals and equities lower.
The MSCI index of Asia Pacific shares outside Japan
<.MIAPJ0000PUS> dropped 1.3 percent, tracking a 2.65 percent
slide in the Dow Jones industrial average <> and an over 3
percent drop in the S&P 500 Index.
Shanghai copper fell more than 2 percent on Wednesday after
London prices tumbled the following day as worries about the
global economic outlook recovery hit the market. []
Precious metals prices at 0255 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1241.65 3.65 +0.29 13.32
Spot Silver 18.52 0.06 +0.33 10.04
Spot Platinum 1529.00 -10.50 -0.68 4.23
Spot Palladium 450.50 0.50 +0.11 11.10
TOCOM Gold 3546.00 2.00 +0.06 8.81
32948
TOCOM Platinum 4386.00 -84.00 -1.88 0.11
19484
TOCOM Silver 53.20 -0.40 -0.75 2.90
283
TOCOM Palladium 1296.00 -40.00 -2.99 11.24
304
Euro/Dollar 1.2215
Dollar/Yen 88.52
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)
