LONDON July 1 (Reuters) - Gold dipped on Thursday, after moving near a record high earlier this week, as investors took profits and sold to cover losses in other markets. Analysts said the outlook for gold remained positive, however, with fears of a slowdown in the pace of gloabl recovery set to boost gold's safe haven status. "It's a bit of profit taking and people trying to raise margins. We could drop to $1,215-1,220 if the equities sell off gathers momentum but I wouldn't expect it to go much lower than that, I'm still bullish medium to long term," said BaseMetals.com analyst William Adams. The Nikkei dropped more than 2 percent to a seven-month low on Thursday after U.S. stocks tumbled, as investors dumped riskier assets on the back growing fears of a "double-dip" recession for the global economy. [.T] [.N] Spot gold XAU= hit a high of $1,262.45 on Monday -- within sight of a lifetime high above $1,264 struck last week. Bullion gained than 11 percent in the second quarter as investors seeking safety from turmoil in the financial markets lifted the metal to its best quarterly performance since the fourth quarter of 2007. But investors who had bet the price would rally to $1,250 closed off their positions to book profits, capping gold on the upside. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P: Quote), said its holdings were unchanged at a record of 1,320.436 tonnes. [GOL/SPDR] PRICES * Spot gold XAU= was at $1,238.85 an ounce at 0651 GMT compared with $1,241.35 late in New York on Wednesday. * Silver XAG= was at $18.44 an ounce from $18.55. * Platinum XPT= at $1,505.20 from $1,531.50. * Palladium XPD= at $435 from $442. DATA/EVENTS 0758 GMT - euro zone manufacturing PMI for June 0828 GMT - UK manufacturing PMI for june 0830 GMT - Bank of England credit conditions survey (Q2) 1130 GMT - Challenger U.S. job cuts for June 1230 GMT - weekly U.S. jobless claims 1400 GMT - U.S. pending home sales for May 1400 GMT - U.S. construction spending for May 1400 GMT - U.S. ISM for June N/A - U.S. auto sales for June MARKET NEWS * The euro hit a record low against the Swiss franc and the Australian dollar also fell on Thursday as weaker-than-expected Chinese data added to doubts about the strength of the global recovery. [USD/] * Oil fell for a fourth straight day on Thursday, shedding as much as 1.3 percent, on signs that China's economic growth was slowing, raising concerns about energy demand. [O/R] * European stock index futures pointed to sharp falls for equities on Thursday, as sentiment was soured after manufacturing data from China showed the country's rapid economic growth was slowing. [.EU] * Asian stocks and commodities began the second half of the year on a sour note on Thursday, with Japanese stocks sliding to a seven-month low after manufacturing data showed China's rapid economic growth was slowing. [MARKETS/AS] FUNDAMENTALS * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P: Quote), said its holdings were unchanged at a record of 1,320.436 tonnes. [GOL/SPDR] * Demand for platinum XPT= is due to soar, making it one of the most promising commodities in the emerging markets along with oil and coal, a Fidelity fund manager said on Wednesday. [ID:nLDE65N0KC] TECHNICALS * Gold support was at $1,224 an ounce and resistance at $1,265. The 14-day RSI was at 51.28. * Silver support was at $18.39 an ounce and resistance at $18.93. The 14-day RSI was at 47.18. 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

Source