* Investors turn cautious due to uncertain outlook
* SPDR Gold holdings <XAUEXT-NYS-TT> hold steady
By Miho Yoshikawa
TOKYO, Sept 2 (Reuters) - Gold inched down below $955 on
Wednesday, but investors refrained from betting heavily in either
direction due to an opaque outlook.
"I think traders are a bit cautious for the moment, and
everyone's still very much guessing where gold's going to head
to," said Adrian Koh, an analyst at Singapore's Phillip Futures.
Gold <XAU=> was at $954.10 an ounce at 0229 GMT, down 0.2
percent from the New York notional close of $955.85.
Kazuhiko Saito, chief analyst at Fujitomi Co Ltd, said some
investors were concerned that the market could be headed for a
major correction.
"Gold prices seem high despite fresh factors to buy the
metal, and some investors are worried that prices could take a
heavy fall at some point," Saito said.
The precious metal ended higher on Tuesday as a fall in
stocks led investors to buy bullion, though analysts said not too
much should be read into the day's activity due to thin volume.
U.S. gold futures for December delivery <GCZ9> were at $955.70
an ounce, down 0.1 percent.
Koh said the $960s was the key near-term resistance area for
gold.
Gold last touched $970 on Aug. 6.
Some analysts were a little more guarded in their view of the
market, noting the lack of physical buying, a fact underscored by
falling imports from India and Turkey, traditionally large
importers of the metal.
India's gold imports in August slumped more than 85 percent
from a year earlier as high prices and weak monsoon rains dented
demand, the top official of Bombay Bullion Association said on
Tuesday. []
Turkey's gold imports in August fell a sharp 74 percent
year-on-year, data showed on Tuesday. []
Fujitomi's Saito said there was a view that India, which
imported more than 390 tonnes of gold last year, may only import
about 150 tonnes this year.
He also noted sluggish interest in gold-backed
exchange-traded funds.
The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said its holdings stood at 1,061.83 tonnes
as of Sept. 1, unchanged since Aug. 25 and down from a record
high of 1,134.03 tonnes marked on June 1. []
In other metals, platinum prices have been slow to react to
the news of mine strikes in the South African, a fact analysts
attribute to poor demand for the metal, used in autocatalysts and
jewellery.
Tense talks between South Africa's mine workers' union and
Impala Platinum <IMPJ.J> (Implats), the world's No. 2 platinum
producer, began on Tuesday in a fresh attempt to end a week-long
strike over wages. []
The metal was at $1,225.00 per ounce compared to $1,224.50.
PRICES
Precious metals prices at 0230 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 954.10 -1.75 -0.18 8.40
Spot Silver 14.92 -0.12 -0.80 31.80
Spot Platinum 1225.00 0.50 +0.04 31.44
Spot Palladium 287.50 0.50 +0.17 55.83
TOCOM Gold 2860.00 -7.00 -0.24 11.15 25216
TOCOM Platinum 3670.00 -85.00 -2.26 38.39 12438
TOCOM Silver 445.70 -2.70 -0.60 39.59 230
TOCOM Palladium 865.00 -14.00 -1.59 57.27 161
Euro/Dollar 1.4220
Dollar/Yen 92.87
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Miho Yoshikawa; Editing by Hugh Lawson)
