PRECIOUS-Gold above $941/oz on weaker dollar

By Risa Maeda

TOKYO (Reuters) - Gold clawed back above $941 an ounce on Tuesday, helped by a retreat in the dollar as stock markets extended gains at the end of the first half of the year.

A weaker dollar is supportive for bullion as investors view gold as insurance against the falling value of their dollar-denominated portfolios.

"In the past few days equities markets were stable and the U.S. Dow recovered again yesterday. That is related to the half-year ending," said Dick Poon, manager of precious metals at Heraeus Ltd in Hong Kong.

"Gains in equities put pressure on the dollar, which as a result is a plus for gold," he said.

Spot gold was at $941.20 per ounce at 0335 GMT, up 0.4 percent from New York's notional close of $937.05.

U.S. gold futures for August delivery edged higher to $941.90 per ounce, up 0.1 percent from the previous settlement on the COMEX division of the New York Mercantile Exchange.

Gold was on track to lose almost 4 percent this month, but was poised to rise about 7 percent for the first half of the year as a fall in U.S. Treasuries prices has increased the appeal of the precious metal.

Spot gold was still off Monday's high, showing that momentum has been tamed after last week's rally, which had pushed the price of gold to a two-week high of $948.20.