* Gold to rise to $1,561 an ounce -technicals
* Gold in sterling strikes record
* Coming Up: Euro zone current account data for April; 0800 GMT (Updates prices)
By Lewa Pardomuan
SINGAPORE, June 20 (Reuters) - Gold shed early gains on Monday but was still supported by debt crisis woes in Europe after the region's ministers delayed a decision on emergency loans to Greece, while bullion priced in sterling struck a lifetime high.
Euro zone finance ministers postponed to July a final decision on extending a further 12 billion euros ($17 billion) in emergency loans to Greece, saying Athens would first have to introduce harsh austerity measures.
Spot gold was hardly changed at $1,537.49 by 0727 GMT, having risen above $1,541 on Friday -- its biggest one-day gain since May. Gold is still below a lifetime high around $1,575 touched in early May.
Investors await the Fed's Open Market Committee's announcement on interest rates on June 22, which could squeeze the dollar.
"Investors will be trying to see how far or how high the bar for the next round of quantitative easing will be. If this bar is actually lowered, then I think it will be beneficial for gold," said Ong Yi Ling, investment analyst at Phillip Futures.
"If it is high, then I think gold will still remain in its current range bounds that we are seeing. I don't think they will do QE3 now."
Financial markets are bracing for the conclusion at the end of June of the Fed's quantitative easing, a cheap-money policy credited with boosting stocks but blamed for sky-high commodities prices and a weak dollar.
Gold priced in sterling extended gains to hit a record at 953.41 pounds on Monday, tracking early gains in spot gold.
The euro dipped on Monday as euro zone finance ministers postponed a decision on extending the next tranche of Greek bailout funds, with recent demand for euro put options suggesting investors were bracing for further weakness.
But the ministers also agreed that they would seek a voluntary rollover of Greek debt by private bondholders to finance a substantial part of Greek funding needs in coming years.
Recent gains in gold were driven by debt problems in Europe, inflation fears in China following strong economic data and worries about a U.S. economic slowdown.
"I think to some extent it was expected they won't be able to finalise it so soon because it was a pre-condition that Athens has to introduce all these austerity measures and show a plan of that sustainability before they get their bailout," said Ong of Phillip Futures.
"I think for gold, I would still look at resistance at about the $1,550 to $1,555 level."
Silver hardly moved at $35.56 an ounce, below a record at $49.51 an ounce in April.
Japan's benchmark Nikkei average ended Monday flat, with investor caution before the FOMC meeting this week offsetting gains in power companies, which rose on a government official's comment to restart nuclear reactors.
The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits.
"I think the United States will maintain the interest rates at low levels for a little while after the quantitative easing finishes. I can't tell you whether it's going to be bullish or not for gold," said a physical dealer in Hong Kong.
"But I guess gold will be stable until the problem in Greece is solved. There are so many problems to be solved."
Money managers cut their bullish bets in COMEX gold futures and options after raising them in the past three weeks, as bullion prices fell during the period, futures regulator Commodity Futures Trading Commission data showed Friday.
Precious metals prices 0727 GMT
Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 1537.49 -0.91 -0.06 8.32 Spot Silver 35.56 -0.24 -0.67 15.23 Spot Platinum 1745.24 -5.41 -0.31 -1.26 Spot Palladium 740.20 0.00 +0.00 -7.42 TOCOM Gold 0.00-3972.00 -100.00 -100.00 0 TOCOM Platinum 0.00-4572.00 -100.00 -100.00 0 TOCOM Silver 0.00 -91.90 -100.00 -100.00 0 TOCOM Palladium 0.00-1926.00 -100.00 -100.00 0 Euro/Dollar 1.4208 Dollar/Yen 80.18 TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)