PRECIOUS-Golds edges up, ETF hits another record

* Gold climbs up as equities rally pauses, dollar steadies

* SPDR holdings nudge up 10.7 tonnes to hit record high

By Chikako Mogi

TOKYO, March 25 (Reuters) - Gold ticked up on Wednesday as
a pause in gains in equities and the dollar stemmed selling,
with a fresh record in the holdings of the world's largest
gold-backed exchange-traded fund confirming healthy demand.

Gold has been weighed down in recent days as the U.S.
government's drive to clean up bad loans held by banks fuelled
some optimism about the banking system and the economy.

President Barack Obama said on Tuesday he saw signs of
progress in his drive to lead the United States out of the
economic crisis. [ID:nN23306403]

Gold XAU= was at $928.60 per ounce at 0245 GMT, up 0.3
percent from New York's notional close of $925.65 on Tuesday,
when it fell nearly 2 percent on fund selling and a stronger
dollar.

"In times of uncertainty, even if equities stage an
impressive rally like in the past week, gold continues to be
looked at as an asset investors want to hold," said a
Singapore-based trader.

A recent run-up in equities has led investors to book
profits in gold and shift some funds to stocks, leading to a
dip in gold ETFs. But traders said a lack of clear evidence of
an economic recovery kept support intact for the gold market.

Bullion has recovered about 5 percent from a six-week low
of $882.90 hit on March 18, but is still more than 7 percent
shy of the 11-month high above $1,000 set in February.

It soared to an all-time peak of $1,030.80 in March 2008.

"With equities, the dollar and euro holding steady, gold is
in a narrow $3 range. A lot will depend on the equities market.
If it rallies in New York today, gold could test the support of
$915, and if that is broken, more liquidation could push it
towards $900," the trader said.

Holdings of the SPDR Gold Trust (GLD) rose to a record
1,124.99 tonnes on March 24, up 10.7 tonnes from a day before.
The previous record was 1,114.60 tonnes marked on March 20.
[GOL/SPDR]

"ETFs continue to accumulate longs, so any dip in gold
prices would be well supported," the trader said.

For details on the gold holdings of the ETF listed in New
York and co-listed on other exchanges, click:
here

For a graphic, click:
here

Tokyo shares were down 0.7 percent on Wednesday, tracking
U.S. stocks, which dropped the previous day as investors paused
to reassess the U.S. government's bank plans. [.T]

The dollar was little changed on Wednesday after rising the
day before. [USD/]

Gold is often viewed as an alternative to holding the
dollar, rising when the greenback falls. A weaker dollar also
makes gold less expensive for holders of other currencies.
Prices as of 0300 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 928.60 2.95 +0.32 5.50
Spot Silver 13.37 -0.03 -0.22 18.11
Spot Platinum 1117.50 3.50 +0.31 19.90
Spot Palladium 205.50 0.00 +0.00 11.38
TOCOM Gold 2936.00 -25.00 -0.84 14.11
19497
TOCOM Platinum 3545.00 -36.00 -1.01 33.67
5327
TOCOM Silver 416.30 -6.70 -1.58 30.38
147
TOCOM Palladium 657.00 -14.00 -2.09 19.45
248
Euro/Dollar 1.3466
Dollar/Yen 97.70
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 Hugh Lawson
and Ben Tan)