LONDON June 18 (Reuters) - Gold held near $1,245 an ounce in Europe on Friday, just below its all-time high, as investors bought the metal as a haven from risk, with bullion holdings of exchange-traded funds rising to record levels. The metal broke out of a relatively narrow range it had traded in for much of the week on Thursday after downbeat U.S. economic data encouraged buying of so-called safe-haven assets. Its climb came despite a recovery in the euro, weakness in which has supported the precious metal for much of the year as sovereign debt concerns in the euro zone weighed on the single currency while benefiting gold. HSBC said in a note gold seemed to be reacting more to increased financial risk than sovereign risk. "The gains in the euro and the rally in gold ... imply that sovereign risk may be declining as an influence on gold prices," it said. "This does not necessarily mean that gold prices are likely to fall. Gold is tantalizingly close to record highs, at $1,251 an ounce, and macro hedge funds appear to be rebuilding long positions." PRICES * Spot gold XAU= was at $1,243.85 an ounce at 0639 GMT compared with $1,243.40 late in New York on Thursday. * Silver XAG= was at $18.74 from $18.67. * Platinum XPT= at $1,569 from $1,574. * Palladium XPD= at $476.85 from $479.50. DATA/EVENTS * U.S. Economic Cycle Research Institute (ECRI) releases its weekly index of economic activity for June 11, 1430 GMT. [ECI/US] [ECI/EURO] [ECI/GB] [M/DIARY] [MTL/DIARY] MARKET NEWS * The dollar edged down versus the euro and appeared vulnerable to further losses after falling below a key chart level, while the single currency EUR= held near three-week highs, on track for its second straight week of gains. [FRX/] * Oil extended losses as sluggish economic indicators raised doubts about the sustainability of a recent acceleration in demand growth by top oil consumer the United States. [O/R] * Most Asian stocks rose on Friday, encouraged by a late rebound on Wall Street, while European stock index futures pointed to a higher open. Equities are poised to rise for an eighth session in a row. [MKTS/GLOB] FUNDAMENTALS * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P) said its holdings rose to a record high at 1,307.963 tonnes as of June 17 from 1,306.137 tonnes on June 10. [GOL/SPDR] * TECHNICALS * Gold support at $1,236, resistance at $1,252, 14-day RSI at 70.5. * Silver support at $18.35, resistance at $18.90, 14-day RSI at 65.9. * Platinum support at $1,563, resistance at $1,585, 14-day RSI at 60.7. * Spot gold may extend gains to $1,260 per ounce after a previous target at $1,240 was surpassed as a triangle is likely to be broken at the upper trend line. [ID:nSGE65H00U] For related news and prices, click on the codes in brackets: Spot gold/silver XAU= XAG= Platinum/palladium XPT=XPD= Gold lease rates LGLR Comex gold futures <0#GC:> Europe/Asia prices CBOT 100 oz gold futures <0#ZG:> RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] Metals summary [GLANCE/MTL] Index of summaries [GLANCE/] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc LBMA01 Foreign exchange rates FX=S SPEED GUIDES COMMODS PRECIOUS1 REUTERS (Reporting by Jan Harvey; editing by James Jukwey)

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