SINGAPORE, July 7 (Reuters) - Gold regained strength on Wednesday after falling to a six-week low the previous day, but a drop in ETF holdings indicated some investors were still covering losses in other markets. FUNDAMENTALS * Spot gold rose $4.35 to $1,195.85 an ounce by 0046 GMT, having fallen as low as $1,189.30 an ounce on Tuesday. Failure to revisit a recent record had also sparked selling, despite a weaker U.S. dollar. * U.S. gold futures for August delivery were hardly changed at $1,195.8 an ounce. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings slipped to 1,316.481 tonnes by July 6 from 1,318.915 on July 2. The holdings hit a record at 1,320.436 tonnes on June 29. [GOL/SPDR] MARKET NEWS * The euro hovered near seven-week highs on Wednesday while the Australian dollar retained its smart gains, as investors pared long positions in the U.S. dollar on doubts about an U.S. economic recovery. [USD/] * Japan's Nikkei average inched down 0.2 percent on Wednesday as shares of exporters that rose the day gave back some gains, even after the Wall Street rebounded on Tuesday to end a five-day string of losses. [.T] [.N] * World stocks posted their biggest one-day gain in nearly a month on Tuesday after recent drubbings pushed shares to attractive levels, while the euro rose as investors waded back into risky assets. [MKTS/GLOB] DATA EVENTS The following data is expected on Wednesday : * U.S. ICSC chain stores yy (1245 GMT) RELATED NEWS > Geithner says U.S. still feeling pain from crisis [nN06119585] > US service sector grows slowly, employment weak [nN06102990] > Oil slips back as equities pare gains [nSGE665067] > UK shop price inflation eases to 1.5% in June -BRC[nLDE6650TY] > UK job growth slips for third month in June-survey[nLDE6651D7] > Fed's Fisher warns of US economy slowdown-paper [nTOE66500W] > ECB's Noyer-Progressive action mustn't harm growth[nLDE6650UT] > Greece to meet 2010 deficit target-cenbanker [nN06154680] > UK to see strong Q2, risk of double-dip-BCC [nLDE66416A] > Canada building permits plunge unexpectedly [nN06272425] Precious metals prices at 0046 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1195.85 4.35 +0.37 9.14 Spot Silver 17.82 0.04 +0.22 5.88 Spot Platinum 1514.00 1.50 +0.10 3.20 Spot Palladium 437.50 2.50 +0.57 7.89 TOCOM Gold 3380.00 -41.00 -1.20 3.71 24527 TOCOM Platinum 4301.00 31.00 +0.73 -1.83 8557 TOCOM Silver 50.90 -0.10 -0.20 -1.55 227 TOCOM Palladium 1249.00 19.00 +1.54 7.21 120 Euro/Dollar 1.2610 Dollar/Yen 87.63 TOCOM prices in yen per gram. Spot prices in $ per ounce. (Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)

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