(Reuters) - Gold fell further on Wednesday as speculators booked profits from gains driven by deadly unrest in Libya, but strong oil prices could offer support.
FUNDAMENTALS
* Spot gold fell $3.50 an ounce to $1,395.70 an ounce by 0052 GMT. It had risen to a 7-week high around $1,410 on Tuesday before slipping, partly due to declines in equities that prompted investors to sell gold to cover losses.
* A defiant Muammar Gaddafi said he was ready to die "a martyr" in Libya, vowing to crush a growing revolt which has seen eastern regions break free of his 41-year rule and brought deadly unrest to the capital.
* The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings dropped to 1,218.243 tonnes by February 22, their lowest in nine months, from 1,223.098 tonnes by February 20.
* U.S. gold futures for April fell $4.3 to $1,396.8 an ounce.
MARKET NEWS
* Japan's Nikkei average slipped further on Wednesday after tumbling nearly 2 percent the day before as investors pull out of riskier assets, with turmoil in Libya driving crude oil prices to 30-month highs and sparking worry of slower global growth. .T
* The Swiss franc and yen held onto gains early in Asia on Wednesday after the revolt in Libya drove crude oil prices to 30-month highs, sparking worries about slower global growth.
* U.S. crude futures eased slightly on Wednesday after hitting their highest in almost 2-1/2 years as the crisis in Libya reduced production there and exacerbated worries about supply.
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