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PRECIOUS-Factors to watch on June 16

Published 06/16/2011, 03:25 AM
Updated 06/16/2011, 03:28 AM
PMC
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GC
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SI
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PA
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PL
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GLD
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SLV
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LONDON, June 16 (Reuters) - Gold eased on Thursday, under pressure from the strength in the dollar, which rose to three-week highs against the euro as concern mounted over Greece's debt crisis, but losses were expected to be contained by any ensuing safe-haven demand.

PRICES

* Spot gold was bid at $1,526.49 an ounce at 0715 GMT compared with $1,529.85 late in New York on Wednesday.

* Silver was at $35.46 from $35.77.

* Platinum was at $1,763.50 from $1,769.00

* Palladium was at $765.72 from $770.93.

DATA/EVENTS

* Euro zone May final inflation; 0900 GMT

* Euro zone Q1 employment; 0900 GMT

* U.S. May housing starts; 1230 GMT

* U.S. May building permits; 1230 GMT

* U.S. weekly initial jobless claims; 1230 GMT

* U.S. June Philadelphia Fed business index; 1400 GMT

MARKETS NEWS

* The euro fell sharply on Thursday after a European central banker said the bail-out fund for the region's debt crisis should be doubled to 1.5 trillion euros, accelerating a pullback from riskier assets that knocked Asian stocks to near three-month lows. [MKTS/GLOB]

* Euro/dollar fell sharply on Thursday, hitting a three-week low and dropping below its 100-day moving average for the first time since February, with traders citing ECB policy maker Nout Wellink saying in a Dutch newspaper report that the European bailout fund should be doubled. [FRX/]

* U.S. stocks tumbled on Wednesday, driven lower by escalating Greek debt woes, while troubling U.S. data pointed to further losses ahead. [.N]

* Oil rebounded on Thursday, with Brent up 0.8 percent, after the previous day's sharp drop created buying opportunities against a backdrop of tumbling U.S. crude inventories and uncertainty over OPEC output. [O/R]

* European stock index futures pointed to a lower open on Thursday, with stocks poised to add to the previous session's sell-off on growing fears that Greece's debt crisis could get out of control. [.EU]

FUNDAMENTALS

* China's gold output in the first four months of 2011 totalled 103.23 tonnes, up 4.24 percent from the same period a year earlier, the Ministry of Industry and Information Technology said on Thursday. [ID:nL3E7HG094]

* Holdings of the largest silver-backed exchange-traded fund (ETF), New York's iShares Silver Trust SLV and the largest gold-backed ETF, New York's SPDR Gold Trust GLD remained unchanged from Tuesday to Wednesday. [GOL/ETF]

* Top miners in Peru expect to have to pay a new tax on windfall profits proposed by President-elect Ollanta Humala, but on Wednesday urged the incoming government to refrain from raising royalties based on sales. [ID:nN15117652] (Reporting by Amanda Cooper; Editing by Alison Birrane)

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