* 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 on Wednesday, a
day after failing to top key resistance at $960 an ounce, but
investors refrained from betting heavily in either direction due
to an opaque outlook.
Trading in the precious metal has largely been confined to a
range between $930 and $960 over the past three months, pressured
by a resurgent dollar but drawing support from inflation worries
and an uncertain economic 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 $953.65 an ounce at 0506 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. stocks fell for a third straight day on Tuesday due to
worries that the strong rally since March may have been overdone.
[]
On Wednesday, Asian shares tracked Wall Street's declines,
with the MSCI index of Asia-Pacific shares outside Japan
<.MIAPJ0000PUS> falling 1.5 percent.
U.S. gold futures for December delivery <GCZ9> were at $955.20
an ounce, down 0.1 percent.
Phillip Futures' Koh said the $960s was the key near-term
resistance area for gold.
Gold bullion 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. []
Economic data due to be released later in the day include
U.S. figures on productivity, employment, mortgages and factory
orders.
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 <XPT=> was at $1,223.50 an ounce compared with
$1,224.50.
PRICES
Precious metals prices at 0527 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 953.50 -2.35 -0.25 8.33
Spot Silver 14.89 -0.15 -1.00 31.54
Spot Platinum 1223.00 -1.50 -0.12 31.22
Spot Palladium 284.50 -2.50 -0.87 54.20
TOCOM Gold 2857.00 -10.00 -0.35 11.04 28168
TOCOM Platinum 3654.00 -101.00 -2.69 37.78 17201
TOCOM Silver 446.00 -2.40 -0.54 39.68 269
TOCOM Palladium 855.00 -24.00 -2.73 55.45 276
Euro/Dollar 1.4210
Dollar/Yen 92.86
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Additional reporting by Risa Maeda; Editing by Chris Gallagher)
