PRECIOUS-Gold ticks up above $1,240 as econ worries linger

                                
 * Gold inches up, jewellers sidelined
                                
 * For technicals on gold, click [ID:nSGE65M017]
                                
 * Coming Up: U.S. FOMC rate decision; 1815 GMT
 (Updates prices, adds quotes)
                                
 By Lewa Pardomuan
                                
 SINGAPORE, June 23 (Reuters) - Gold edged up on Wednesday,
tracking an increase in ETF holdings as investors sought a safe
haven from sliding stock markets and worries about the pace of
global economic recovery.
                                
 Although this week's meeting by U.S. Federal Open Market
Committee may not bring surprises, investors want to hear what
the Fed has to say about the impact of Europe's debt crisis on
the U.S. economy. [ID:nFEDAHEAD].
                                
 Spot gold <XAU=> added $1.20 to $1,240.20 an ounce by 0254
GMT after hitting an intraday high of $1,241.25 -- still below
Monday's record around $1,264. Gold has gained as much as 15
percent in 2010, mainly due to fears the sovereign debt crisis
in Europe would spread.
                                
 "I think there's also probably still a pool of investors
that have longer-run concerns about inflation and that sort of
thing," said David Moore, commodity strategist at Commonwealth
Bank of Australia in Sydney.
                                
 "There's still uncertainty about the rate of the
international economic recovery, and I think that's probably
helping gold as well," he added.
                                
 For a graphic on the spot gold technical outlook, see:
http://graphics.thomsonreuters.com/gfx/WT_20102306091419.jpg  
  The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD.P> said its holdings rose to a record at
1,313.135 tonnes as of June 22 -- the first increase since June
17, when holdings stood at 1,307.963 tonnes.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                                
 For a graphic on gold timeline, click:
                                
  http://graphics.thomsonreuters.com/10/GLD_TMLN.html
                                
 For a graphic on SPDR gold holdings and gold price, click:
                                
  http://graphics.thomsonreuters.com/10/GLD_SPDR0610.gif
                                
 For a graphic on SPDR gold holdings flows, click:
                                
  http://graphics.thomsonreuters.com/10/GLD_SPDRVL0610.gif
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
                                
 U.S. gold futures for August delivery <GCQ0> was unchanged
at $1,240.1, having struck a lifetime high on Monday.
                                
 "When it got above $1,260, I am sure there was probably a
bit of profit taking there. But there are a number of reasons
why investors have an interest in gold," said Moore of CBA.
                                
 "I think they see it as a safe haven given the European
fiscal problems."
                                
 The euro <EUR=> slipped to $1.2262 ahead of the FOMC rate
decision later in day as a recent risk rally appeared to have
run its course and the euphoria from China's new yuan policy
waned. [USD/]
                                
 But the U.S. Fed is expected to restate its intention to
keep rates near zero and perhaps offer a less upbeat outlook. A
Fitch rating downgrade of French bank BNP Paribas <BNPP.PA> and
a surprise decline in May U.S. existing home sales renewed
concerns over the health of the U.S. economy. [ID:nN22382886]
                                
 In the physical sector, sale of gold scrap slowed to a
trickle as holders waited for bullion to rise further.
                                
 "I am still bullish on gold. ETF continues to absorb
physicals metals. But there's not much going today even though
price dropped below $1,240 yesterday," said a dealer in Hong
Kong, referring to a lack of interest from jewellers.
                                
 Japan's Nikkei average fell 1.6 percent on Wednesday,
sliding to a its lowest in almost a week and back towards a key
support level, after poor U.S. housing data triggered a fall in
Wall Street. [.T] [.N]
 Precious metals prices at 0254 GMT
 Metal             Last    Change  Pct chg  YTD pct chg
Turnover
 Spot Gold        1240.20    1.20   +0.10     13.19
 Spot Silver        18.81    0.07   +0.37     11.76
 Spot Platinum    1575.00   -7.50   -0.47      7.36
 Spot Palladium    482.50    1.00   +0.21     18.99
 TOCOM Gold       3620.00    0.00   +0.00     11.08       
24823
 TOCOM Platinum   4625.00  -60.00   -1.28      5.57       
11634
 TOCOM Silver       55.20   -0.30   -0.54      6.77         
229
 TOCOM Palladium  1407.00  -41.00   -2.83     20.77         
353
 Euro/Dollar       1.2268
 Dollar/Yen         90.50
  TOCOM prices in yen per gram. Spot prices in $ per ounce.
 (Editing by Himani Sarkar)