PRECIOUS-Gold ticks up on euro zone debt worries

SINGAPORE, Dec 22 (Reuters) - Gold inched up in thin trade
on Wednesday, with sentiment still supported by worries of
more ratings downgrades for indebted euro zone countries.
FUNDAMENTALS * Spot gold rose $2.14 an ounce to $1,387.44 an
ounce by 0033 GMT. Gold was well below a historical high of
around $1,430 hit earlier this month. * U.S. gold futures for February eased $1.1 an
ounce to $1,387.7 an ounce. * The International Monetary Fund announced on Tuesday the
completion of the massive gold reserve sale it began a year
ago, likely drawing to a close decades of bullion divestment
from the public sector. [ID:nN21131060] * The euro continued its slow descent on Wednesday as a
steady drip of grim ratings news eroded confidence in the
single currency, dragging it to record lows on the Swiss franc
and Australian dollar. * The world's largest gold-backed exchange-traded fund,
SPDR Gold Trust , said its holdings eased to 1,298.029
tonnes by Dec. 21 from 1,298.940 tonnes on Dec. 17.
MARKET NEWS * Japan's Nikkei average edged down on Wednesday as
investors locked in profits ahead of the year-end holidays
following a 1.5 percent rise the previous day, but sentiment
towards Tokyo stocks remained bullish. * U.S. crude futures extended gains to near $90 a barrel on
Wednesday, getting support from industry data showing a
surprise large drop in U.S. crude inventories.