* Gold extends gains after strongest week in a month
* Asian demand for physical gold remains high
* SPDR Gold Trust holdings fall to 4-year lows
By Clara Denina
LONDON, May 27 (Reuters) - Gold rose on Monday, extending its gains after its strongest week in a month, as the dollar slipped and European stock markets steadied, while physical buying remained strong in Asia.
Volumes were likely to remain thin throughout the day as both Britain and the United Sates had public holidays.
Spot gold rose two percent last week, mostly benefitting from a lower dollar and a shift of funds out of equities. It was up 0.5 percent to $1,392.71 an ounce by 1012 GMT.
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