Gold held steady on Thursday after hitting another record near $1,250 an ounce the previous day on continued worries about euro zone debt, while the world's largest gold-backed ETF reached a new all-time high.
FUNDAMENTALS
Spot gold was at $1,236.85 an ounce by 0033 GMT, up 50 cents from New York's notional close on Wednesday, when it roared to record $1,248.15 on worries that a $1 trillion European rescue package will not solve the euro zone debt crisis.
* The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at a record high of 1,209.499 tonnes as of May 12, up 17.3490 tonnes from 1,192.150 tonnes in the previous business day.
U.S. gold futures for June delivery fell $6.2 an ounce to $1,236.9 an ounce.
MARKET NEWS
* U.S. stocks capped their best three-day run in 10 months on Wednesday boosted by technology and industrial shares, after Spain unveiled an austerity plan that reassured investors Europe was addressing its fiscal ills. (.N)
* Japan's Nikkei average rose 1.4 percent on Thursday led by exporters such as Advantest (6857.T), after Spain outlined measures to cut its deficit, easing fears that the Greek debt crisis could spread in Europe and sending European and U.S. stocks higher. (.T)
* The euro fell against the U.S. dollar on Wednesday as worries about euro zone economic growth blunted optimism about Spain's spending cuts and a successful bond sale in Portugal.
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