* Gold bounces from lows, jewellers active
* For the technical on gold, click [ID:nSGE66T01J]
* Coming Up: U.S. Real GDP Q2; 1230 GMT (Recasts, adds activity in physical front)
SINGAPORE, July 30 (Reuters) - Gold gained on Friday as jewellers across Asia replenished stocks and other physical buyers snapped up bullion ahead of U.S. second quarter GDP data that will offer clues on the direction of the economy.
With worries about the debt crisis in Europe diminishing, gold could attract safe-haven buying as growth in the U.S. economy probably slowed in the second quarter on reduced consumer spending. For a preview, click: [ID:nN27223369]
Goldhit an intraday low around $1,165 an ounce before bouncing to $1,168.80 by 0603 GMT, up 75 cents from New York's notional close. Despite the gains, gold was still heading for its biggest weekly decline since early July.
For a 24-hour gold technical outlook, click: here
"The market is very hot. There's plenty of physical demand and I can't meet the orders. It's from India, Indonesia and Thailand," said a physical dealer in Singapore. "Basically we are seeing buying from jewellers and investors from the Far East."
Bullion struck a lifetime high at $1,264.90 in June on worries the debt crisis in Europe was spreading and the U.S. economy was slowing.
But a string of Europe's largest firms issued surprisingly upbeat profit reports on Thursday, bolstering an abrupt renewal of investor confidence in the region after months of debt turmoil and fears for the euro. [ID:nLDE66S15P]
"On a longer-term basis, it will fuel demand for gold if your economic recoveries have stalled. Equities might not perform so well," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
"For today, I don't see it going up above $1,175 for the upside. On the downside, I think it should be still supported above the $1,155 level."
U.S. gold futures for August deliverywas unchanged at $1,168.4 an ounce after settling $8 higher.
Silverhardly moved, while platinum slipped to track declines in equities and LME copper . Sister metal palladium also dropped after rising 4 percent on Thursday on firm euro and options-related buying.
There was a lack of physical buying in platinum group metals in Asia, with many factories shut for the summer holidays.
But dealers in Hong Kong reported physical buying in gold, which helped pluck prices from Friday's lows. For details on premiums of gold bars in Asia, click <GOLD/ASIA1>
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings were unchanged at 1,282.279 tonnes. The holdings hit a record at 1,320.436 tonnes on June 29. [GOL/SPDR]
The Nikkei ended down than 1 percent on Friday after U.S. stocks sagged in volatile trading following weak outlooks from technology companies and downbeat comments from a Federal Reserve official. [.T] [.N]
The dollar fell to an eight-month low against the yen on Friday, hurt by selling from Japanese exporters and concerns that U.S. GDP data would add to signs of fading momentum for the U.S. economic recovery. [USD/] Precious metals prices at 0603 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1168.80 0.75 +0.06 6.67 Spot Silver 17.59 0.00 +0.00 4.52 Spot Platinum 1554.80 -5.20 -0.33 5.99 Spot Palladium 485.00 -0.28 -0.06 19.61 TOCOM Gold 3258.00 -33.00 -1.00 -0.03 39370 TOCOM Platinum 4363.00 -12.00 -0.27 -0.41 8297 TOCOM Silver 49.60 -0.70 -1.39 -4.06 311 TOCOM Palladium 1359.00 31.00 +2.33 16.65 715 Euro/Dollar 1.3064 Dollar/Yen 86.40 TOCOM prices in yen per gram. Spot prices in $ per ounce. (Editing by Clarence Fernandez)
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