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PRECIOUS-Factors to watch on June 24

Published 06/24/2011, 02:40 AM
Updated 06/24/2011, 04:00 AM
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LONDON, June 24 (Reuters) - Gold edged up on Friday from losses of as much as 2 percent in the previous session, supported by a softer dollar versus the euro after Greece won approval for a five-year austerity plan.

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PRICES * Spot gold was bid at $1,522.20 an ounce at 0633 GMT compared with $1,520.70 late in New York on Thursday.

* Silver was at $35.07 from $35.25.

* Platinum was at $1,709.99 from $1,694.50

* Palladium was at $748.22 from $742.35.

DATA/EVENTS

* German IFO business climate index for June, 0800 GMT

* German IFO current conditions index for June, 0800 GMT

* German IFO expectations for June, 0800 GMT

* European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo speaks at the University of Malaga, 1000 GMT

* Bank of England publishes financial stability report, London

* IMF'S Gerd Schwartz and EBRD's Thomas Mirow attend regional forum, Ljubljana.

* U.S. GDP - Q1 final estimate, 1230 GMT

* U.S. durable goods for May, 1230 GMT

* U.S. corporate profits Q1 final, 1230 GMT

* U.S. treasury's Jeffrey Goldstein gives keynote address, Washington, 1230 GMT

* U.S. treasury secretary Timothy Geithner event, Manchester, New Hampshire, 1600 GMT

MARKET NEWS

* Chinese stocks led Asian equity markets higher on Friday on hopes inflation will ease soon, though the euro's overnight rally fizzled, with Greece's deal with international lenders seen as only a short-term fix for a long-term crisis.

* The euro held steady against the dollar as a short-covering bounce stalled on lingering uncertainty about the fate of Greece's austerity plan, with signs of money market strains also seen as a potential downside risk for the single currency.

* Brent crude rebounded towards $109 on Friday from its lowest settlement since February as traders gauged how much supply would reach the market from an IEA-coordinated release of emergency oil stockpiles.

* European stock index futures pointed to gains for equities on Friday, as Greece said it will push through additional austerity measures after clinching an agreement for financial aid from international lenders.

* U.S. stocks closed way off session lows on Thursday on news Greece agreed to a five-year austerity plan, but lingering economic uncertainty ultimately drove the S&P 500 lower, keeping a downward trend in place.

FUNDAMENTALS

* Holdings of the largest silver-backed exchange-traded-fund, New York's iShares Silver Trust gained 0.30 percent from Wednesday to Thursday, while, the largest gold-backed ETF, New York's SPDR Gold Trust remained unchanged for the same period.

TECHNICALS

* Gold support was at $1,514 an ounce and resistance at $1,531. The 14-day RSI was at 41.04.

* Silver support was at $34.65 an ounce and resistance at $35.75. The 14-day RSI was at 37.09.

* Platinum support was at $1,666 a tonne and resistance at $1,770. The 14-day RSI was at 29.88.

For related news and prices, click on the codes in brackets: LME price overview LME aluminium <0#MAL:> LME copper <0#MCU:> Asia physicals COMEX copper futures <0#HG:> Europe physicals Scrap metal prices LME plastics RELATED NEWS AND OTHER TOPICS Base/minor metals news All metals news Metals summary Scrap metals news Index of summaries All commodities news Metals diary Weather news Foreign exchange rates SPEED GUIDES

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