PRECIOUS-Gold recovers to $930/oz, ETF unchanged

* Caution as weak stocks, weak euro deter further buying

* SPDR gold ETF holdings XAUEXT-NYS-TT unchanged

By Risa Maeda

TOKYO, June 16 (Reuters) - Gold clawed back above $930 an
ounce on Tuesday, after falling by more than $30 from last week's
peak of $965 on a rally in the dollar, which had led to a shift
of funds out of commodities.

While light physical buying has stopped gold's fall at around
$925, investors are cautious about buying aggressively given the
renewed weakness in global stock markets and after the euro hit
its lowest level in almost a month against the dollar.

Gold XAU= rose to $931.70 an ounce at 0313 GMT, up 0.4
percent from New York's notional close of $927.85. It was down
3.5 percent from last week's peak of $965.25.

Earlier this month, bullion rose towards $1,000 an ounce on
investment demand and on its appeal as a hedge against a falling
U.S. dollar.

U.S. gold futures for August delivery GCQ9 were at $932.50
an ounce, up 0.5 percent from Monday's settlement on the COMEX
division of the New York Mercantile Exchange.

"Dropping down from $965 is a fall of $40, and you need a
little support there," said Ronald Leung, a director of Lee
Cheong Gold Dealers in Hong Kong.

If the dollar stabilises further, gold could test the
$915-$910 level as physical buying would only scale up if and
when it falls below $900, he said.

The dollar rose versus the euro on Tuesday after the European
Central Bank said euro zone banks will probably need to write
down another $283 billion. [ID:nLF65323] [USD/]

But against the yen, the U.S. currency lost ground for the
second straight day as a slide in global stocks encouraged
caution on the global economy, prompting investors to cut bets on
riskier assets.

Japan's Nikkei share average .N225 fell 2 percent on
Tuesday. U.S. stocks marked their worst slide in a month on
Monday after weak U.S. regional manufacturing data dented
optimism about the U.S. economy's health.

"Bearish stock markets usually make people cautious about
gold and keep them from building fresh long positions," said
Kaname Gokon, deputy general manager in Okato Shoji Co's research
section.

As expected, the Bank of Japan kept interest rates on hold at
0.1 percent after its two-day policy review on Tuesday.
[ID:nT50494]

The U.S. Federal Reserve's policy meeting next week will
likely provide further clues on direction in the dollar and gold
markets, traders said.

"You have to see what statements the Fed makes about the
economy and whether its policy of relaxation is still going or
not," said Leung at Lee Cheong Gold Dealers.

Investor demand for gold as an alternative asset class
remained weak. Holdings of the SPDR Gold Trust (GLD: Quote, Profile, Research), the world's
largest bullion exchange-traded fund, were steady at 1,132.15
tonnes as of June 15, unchanged since June 5. [GOL/SPDR]
Precious metals prices at 0311 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 931.80 3.95 +0.43 11.90
Spot Silver 14.19 0.14 +1.00 -3.93
Spot Platinum 1220.00 16.00 +1.33 -19.74
Spot Palladium 245.00 4.50 +1.87 -33.42
TOCOM Gold 2912.00 -56.00 -1.89 -4.84 37517
TOCOM Platinum 3817.00 -94.00 -2.40 -28.51 13377
TOCOM Silver 442.60 -16.20 -3.53 -18.19 481
TOCOM Palladium 777.00 -14.00 -1.77 -42.49 572
Euro/Dollar 1.3802
Dollar/Yen 96.75
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Risa Maeda)