Gold hovers near 6-week top amid China slowdown woes

SINGAPORE (Reuters) - Gold was trading near its highest level since early September on Wednesday, supported by concerns over slower economic growth in China.

FUNDAMENTALS

* Spot gold was little changed at $1,247.45 an ounce by 0036 GMT, not far below Tuesday's peak of $1,255.20, which was its loftiest since Sept. 10.

* U.S. gold futures eased 0.3 percent to $1,248.10 an ounce.

* China's central bank is likely to hold its line against an interest rate cut even as economic growth slows to a quarter-century trough, as the politics of reform influence the conduct of monetary policy.

* Data released on Tuesday showed the world's second-largest economy grew an annual 7.3 percent in the third quarter, the weakest pace since early 2009.

* The European Central Bank is considering buying corporate bonds on the secondary market and may decide as soon as December with a view to begin purchases early next year. Policymakers are desperate to revive the euro zone economy, which is barely growing.

* The Shanghai Gold Exchange is working on plans for China's first forwards and options in gold, potentially putting China ahead in the race to set an Asian pricing benchmark that might eventually rival the London gold fix.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.18 percent to 751.97 tonnes on Monday - the biggest daily percentage drop in a year.

(Reporting by Manolo Serapio Jr.; Editing by Richard Pullin)