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PRECIOUS-Gold falls back as U.S. dollar jumps

Published 06/15/2011, 08:54 PM
Updated 06/15/2011, 08:56 PM
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SINGAPORE, June 16 (Reuters) - Gold lost its footing on Thursday after the U.S. dollar jumped against other currencies, but euro zone debt jitters could limit losses as investors fretted about the lack of resolution to solve the crisis in Greece.

FUNDAMENTALS

* Spot gold fell $2.66 an ounce to $1,527.19 an ounce by 0030 GMT after rising for a second straight session to around $1,533 on Wednesday on declines in equity markets. Gold is well below a lifetime high around $1,575 touched in early May.

* Silver lost 24 cents to $35.53 an ounce, below a record at $49.51 an ounce in April.

* The dollar held at three-week highs against a basket of major currencies in Asia on Thursday, having staged its biggest rally in 10 months on a wave of short covering as concerns over Greece's debt crisis hammered the euro.

MARKET NEWS

* Tokyo stocks on Thursday tracked Wall Street lower after it tumbled on escalating Greek debt woes and U.S. data showed the world's No.1 economy was facing a troubling mix of higher prices and weak growth, pointing to further losses.

* August Brent crude futures swung back to rise by $1.06 to $114.07 a barrel in early Asian trade on Thursday in the wake of a slightly recovering euro and a larger-than-expected draw in U.S. crude stocks.

DATA EVENTS (GMT)

0900 EZ Inflation, final yy May 2011

1230 U.S. Housing Starts May

1230 U.S. Building Permits May

1230 U.S. Unemployment claims Weekly

Precious metals prices 0030 GMT

Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1527.19 -2.66 -0.17 7.59 Spot Silver 35.53 -0.24 -0.67 15.13 Spot Platinum 1775.74 6.74 +0.38 0.47 Spot Palladium 773.93 3.00 +0.39 -3.20 TOCOM Gold 3979.00 31.00 +0.79 6.70 40117 TOCOM Platinum 4675.00 -8.00 -0.17 -0.45 4137 TOCOM Silver 92.50 1.00 +1.09 14.20 253 TOCOM Palladium 2015.00 -35.00 -1.71 -3.91 155 Euro/Dollar 1.4195 Dollar/Yen 80.88 TOCOM prices in yen per gram. Spot prices in $ per ounce.

(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)

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