* Hopes that Greece would avoid default dent safe haven
* Spot gold up about 5 pct for Q2, silver down about 8 pct
* Gold appears unable to rise further with weaker dollar
* Coming up: U.S. construction spending Friday (Rewrites, adds comment, link to graphic, updates market activity, changes byline and dateline, previously LONDON)
By Frank Tang
NEW YORK, June 30 (Reuters) - Gold fell on the last day of the quarter on Thursday, as hopes that Greece would avoid a debt default eroded safe-haven interest, but secured an 11th consecutive quarterly gain on global economic uncertainty.
Gold snapped a two-session winning streak even as the euro rose against the dollar after Greece passed a crucial austerity plan to secure international aid.
David Meger, director of metals trading at Vision Financial Markets, said that safe-haven bids in gold fell as Greece appeared to avoid imminent bankruptcy. "However, the whole European sovereign debt issue is far from behind us," he said.
The metal is down almost 4 percent in the last six sessions.
Bullion was the quarter's top performer in the metals complex, as lingering economic uncertainty triggered a flight to safety. Factbox [ID:nN1E75T1FO]
(Graphic: http://r.reuters.com/duj88r)
It's quarterly gain of about 5 percent, compared with
declines of 0.5 percent in the S&P 500 <.SPX>, and about 5
percent loss in Brent crude oil
Spot gold
Silver
Gold's inability to rise further on the back of a weaker dollar could be a warning sign for the third quarter, analysts said.
The dollar lost half a percent against a basket of currencies <.DXY>. and felt extra pressure from expectations that euro-zone interest rates will rise again next week.[USD/]
"We weren't able to extend gains from being supported by the weaker dollar. There hasn't been a driving force to take this market above its recent resistance level, which obviously might be concerning moving forward," Meger said.
FED STIMULUS IN FOCUS
Others predicted that gold's safe-haven appeal may be retained in the aftermath of the Greek debt crisis, but prices may be range-bound in the short run due to lack of speculative interest.
"We need to see if fund buying is coming back, which will largely depend on whether there will be more stimulus plans in the United States after the current round of quantitative easing ends," said Ronald Leung, a physical dealer at Lee Cheong Gold Dealers.
Investor buying of physical gold, as reflected by changes in holdings of the metal in exchange-traded funds, picked up relative to the first quarter of the year.
Between March and June, some 2.101 million ounces of gold flowed into the major ETFs, according to Reuters data, compared with an outflow of 2.271 million ounces in the first three months of the year. [GOL/ETF]
Spot palladium
Platinum
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US gold