* SPDR gold holdings fall to six-month low
* Asian shares fall, European markets splutter
* Gold to find support at $1,264, resistance at $1,284
By Sethuraman N R
April 24 (Reuters) - Gold prices edged up from the previous
session's four-month low as a dollar rally relented and equities
softened on Wednesday.
Spot gold was up 0.1 percent at $1,273 an ounce by 1248 GMT
after hitting its lowest since the end of last year at $1,265.90 in
the previous session.
U.S. gold futures also gained 0.1 percent, rising to $1,274.70
"The recent weakness in gold has had more to do with a strong
U.S. dollar. The dollar rally we saw on Tuesday did not continue today
and that's why gold looks constructive this morning," said ABN
AMRO analyst Georgette Boele.
"The crucial level for gold prices comes at the 200-day
moving average around $1,250. As long as that level holds, gold prices
will be moving up."
Gold prices have fallen about 6 percent from a peak in February as
the dollar firmed and global equities ticked up, with some of the
risks of a global growth slowdown fading.
"Given the extraordinary lose monetary policy by the European
Central Bank, U.S. Federal Reserve and economic uncertainties, the
fall in gold prices is unjustified," said Commerzbank analyst
"Speculators turning net short on gold prices shows the
exaggerated market pessimism. It's just a matter of time before gold
starts to rally again."
The dollar index was holding steady after hitting a 22-month
peak on Tuesday, with U.S. data showing sales of new single-family
homes rose to a near 1-1/2-year high in March.
This eased concerns about a slowdown in the world's largest
economy ahead of U.S. GDP figures on Friday.
The United States is expected to beat analysts' estimates of 2.1
percent growth, with the Atlanta Federal Reserve's GDPNow model
projecting between 2.2 percent and 3.4 percent.
Meanwhile, holdings of SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, fell 0.3 percent on Tuesday to
749.63 tonnes, the lowest since Oct. 23. SPDR Gold holdings have
dipped about 5 percent this year, reflecting bearish investor
Spot gold could hover above support at $1,264 an ounce or bounce
towards resistance at $1,284, said Reuters technical analyst Wang Tao.
In other metals, silver was up 0.4 percent at $14.87 an ounce
after touching its lowest since Dec. 26 at $14.71 in the previous
session. Platinum was up 0.4 percent at $887.59 while palladium
gained 0.2 percent to $1,393.73.
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Alexander
Smith and David Goodman)
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