By Arpan Mukherjee Of DOW JONES NEWSWIRES WELLINGTON (Dow Jones)--Gold was holding steady in the Asian session Tuesday as the market waits for fresh cues and further details on the European debt deal. At 0522 GMT, spot gold was at $1,718.10 a troy ounce, up $3 from its previous close after touching an intra-day high of $1,724.22/oz earlier in the session. "Gold could come under pressure if the details of the deal are not announced quickly," a Singapore-based trader said, adding that if there is some panic selling in equities in the near-term, it could spill over into metals as well. He tipped resistance for gold at $1,730/oz for now. Opinion in the market is still divided on gold's short-term outlook, with some analysts saying gold's safe-haven appeal could keep prices well supported amid uncertainty. "Details surrounding the plans to recapitalize European banks and the debate over the size of debt write-downs will remain in focus going forward," National Australia Bank Economist Alexandra Knight said, adding he expects gold to average $1,630/oz in the current quarter. Earlier in the day, a weak reading of China's official Purchasing Manager's Index for October, weighed on gold prices, said IG Markets strategist Stan Shamu. China's official PMI for October fell to 50.4 from 51.2 in September, indicating a slowdown in manufacturing activity in the world's second-largest economy. In the case of other precious metals, Barclays Capital said, based on technical analysis, silver could face resistance at $35.70/oz, potentially capping the price at that level. The house has revised down its expectations and sees sliver easing toward $30/oz. Spot silver is currently trading around $34.42/oz, up 18 cents from its previous close, while spot platinum was at $1,601/oz, up $6, and palladium at $644/oz, up $1. Silver rose about 14.4% in October and is now trading below its 50-day moving average price of $35.79/oz. Analysing data from the Commodities Futures Trading Commission, Standard Bank analyst Marc Ground said the speculative positioning in platinum group of metals indicate a lack of confidence in the market. On the supply side, bullion refiner MKS Finance said the drop in quarterly production at Aquarius Platinum Ltd. (AQP.AU), ideally "should be a positive indication for the metal, as theoretically such scenario is supposed to support platinum's prices." Last week, Aquarius, the world's fifth-largest platinum miner by output, said its attributable production fell 3% on quarter in the three months to September 30. -By Arpan Mukherjee, Dow Jones Newswires; 64-4-471-5990; arpan.mukherjee@dowjones.com

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