PRECIOUS-Gold eases on outflows from ETFs, holds near $1,330/oz
* Gold holds onto Monday's sharp gains
* Less bearish bets, long liquidation seen supporting market
* Coming up: U.S. new home sales report Wednesday
(Updates market activity, adds analyst comments, second byline and dateline) NEW YORK/LONDON, July 23 (Reuters) - Gold slipped to $1,330 an ounce on Tuesday, a day after the metal had its strongest one-day rally in more than a year, pressured by outflows from gold-backed exchange-traded funds With a lack of U.S. economic news, the metal moved in a narrow $11 trading range following its 3 percent gain on Monday, when it hit a one-month high and vaulted back over a technical threshold at $1,300 an ounce. Liquidation continued from gold-backed ETFs, with outflows in the gold funds tracked by Reuters totaling 10 tonnes on Monday. The world's largest, the SPDR Gold Trust, reported a 1.2 tonne drop in its holdings. "Given the ongoing ETF outflows, we believe it is still too early to describe this (latest rise in gold prices) as a lasting trend reversal," Commerzbank analysts said in a note. Spot gold was down 0.1 percent at $1,334.14 an ounce $1,338.91 reached on Monday. U.S. gold futures for August delivery were down $2.20 an ounce at $1,333.80. Outflows from gold ETFs, which issue securities backed by physical stocks of bullion, have averaged 20 tonnes a week this year, Reuters data shows. Investors say they want to see outflows steady before buying back into gold. Analysts said losses in the metal were limited by short covering as futures investors, anticipating the start of delivery period on August contracts, rolled positions from August to December. The delivery period begins July 31. Consumption in the world's No. 1 gold buyer, India, is expected to be cut by moves on Monday by India's central bank to tighten gold imports, increasing the country's dependence on exports. Among other precious metals, silver was down 1.1 percent at $20.31 an ounce, having risen 5 percent on Monday. Spot platinum eased 0.2 percent to $1,438.24 an ounce, while palladium 0.7 percent lower at $738.43 an ounce.
Prices at 11:48 a.m. EDT (1548 GMT)
LAST NET PCT YTD CHG CHG CHG US gold 1333.80 -2.20 -0.2% -20.4% US silver 20.290 -0.002 -1.1% -32.9% US platinum 1443.10 -4.90 -0.3% -6.2% US palladium 740.90 -9.55 -1.3% 5.3% Gold 1334.14 -0.90 -0.1% -20.3% Silver 20.31 -0.22 -1.1% -33.0% Platinum 1438.24 -2.26 -0.2% -6.4% Palladium 738.43 -5.57 -0.7% 5.2% Gold Fix 1333.50 6.75 0.5% -19.9% Silver Fix 20.18 23.00 1.2% -32.6% Platinum Fix 1424.00 12.00 0.8% -6.5% Palladium Fix 734.00 2.00 0.3% 5.0%
(Editing by David Evans, Jane Baird and Bob Burgdorfer)