PRECIOUS-Gold steady; market quiet as Bernanke speech eyed

                                
 * Gold retreats from 2-month peak, physical market quiet
                                
 * Technicals point to bearish target $1,210/oz [nSGE67Q00R]
                                
 * Coming Up: U.S. Q2 GDP; 1230 GMT
                                
 By Rujun Shen and Jacqueline Wong
                                
 SHANGHAI, Aug 27 (Reuters) - Gold was steady on Friday, as
investors waited for a key speech from Federal Reserve chief
Ben Bernanke later in the day and expected the U.S. to revise
downward its second-quarter economic growth figure.
                                
 The U.S. government is seen revising its second-quarter
economic growth to an annual pace of 1.4 percent from a
previous figure of 2.4 percent.
                                
 "If the figure released comes close to 1.4 percent, it will
be pretty bearish on the market, and could provide some
safe-haven need for gold," said Ong Yi Ling, an analyst at
Philip Futures. "I see some upside potential."
                                
 An announcement of more stimulus measures or quantitative
easing policies by Bernanke would also benefit gold, as such
measures would feed long-term inflationary pressure, Ong added.
                                
 Spot gold <XAU=> gained $1.06 to stand at $1,236 an ounce
by 0335 GMT, as a weekly rise of 0.7 percent carried it towards
its fourth straight week of gains. It hit $1,244.00 on
Thursday, its highst since June 30.
                                
 The recent disappointing data flow from the U.S. recently
has aroused fears of a double dip in the economy, although new
jobless claims figures released on Thursday showed a surprise
fall, offering some relief to investors. [ID:nN26186848]
                                
 U.S. gold futures for December delivery <GCZ0> were at
$1,238 an ounce, barely changed on the day.
                                
 A bullish target for spot gold at $1,260 per ounce has been
aborted, as it failed to climb up successively on Thursday but
corrected with an indication the rally is very exhausted,
according to Reuters market analyst Wang Tao. [TECH/C]
                                
 For a graphic of the 24-hour gold technical outlook,
click:
 http://graphics.thomsonreuters.com/WT/20102708084909.jpg
                                
 "There is slight selling, mainly from Thailand. Speculators
are trading about the range -- selling above $1,240 and buying
under it," said a Singapore-based physical dealer.
                                
 "If prices continue to move to $1,245 to $1,250, we should
be able to see more selling coming up. Otherwise, the current
range won't prompt huge buying or selling."
                                
 Silver <XAG=> fell 1 cent to $18.89 an ounce, easing from a
near two-month peak of $19.15 on Thursday. Silver is headed for
a 5.3 percent gain on the week, its strongest weekly gain since
early April.
                                
 Holdings in the world's largest silver-backed
exchange-traded fund, the iShares Silver Trust <SLV>, rose to
9,196.69 tonnes by Aug. 26 from 9,175.38 tonnes on Aug. 24.
[ID:nTOE67Q02O]
 (Editing by Clarence Fernandez)