* Gold cuts loss as euro soars on possible Greek debt deal
* Most commodities rebound as data argue for more stimulus
* PGMs still off after weak U.S. car sales, factory orders
* Silver falls about 4 pct after more weak factory data
* Coming up: May US jobs data - Fri 8:30 a.m. EDT/1230 GMT (Recasts, updates prices, market activity; updates price table)
By Carole Vaporean
NEW YORK, June 2 (Reuters) - Gold ended moderately lower on Thursday in see-saw trade, falling as much as 1 percent in a profit-taking spree, then bouncing off the session low as the dollar slid when a ratings agency expressed concern that the United States might default on its debt.
"You might have gotten some knee-jerk profit-taking to begin with, but things have gone back up because the euro went through the roof," said Sean McGillivray, head of asset allocation at Great Pacific Wealth Management in Oregon.
Spot gold
August COMEX futures
The euro touched a one-month high against the dollar after Moody's Investors Service said there was a small, but rising risk of a short-lived default by the United States with no increase in the statutory debt limit in coming weeks. [USD/]
The euro had already extended gains against the dollar, helped by a Reuters report that euro zone officials had agreed in principle on a new three-year adjustment program for Greece that would involve increased external funding. [ID:nLDE7510VR]
Gold fell to its session low as most commodities were swept up in a broad sell-off.
"With the discussions in the market about lower commodity prices if China's slowing. We also had an outright decline in crude oil as well as base metals, that sapped some of the vigor from the bullion market," said James Steel metals analyst at HSBC in New York.
Gold pulled up from the lows when many other commodities turned higher, as the dollar's slide brought back the so-called risk trade.
Gold was supported the latest weaker-than-expected U.S. economic reading cast doubt on the outlook for growth in the world's largest economy.
Thursday's weak U.S. factory data added to a raft of negative U.S. economic reports in May that gave many investors the impression easy money would continue to be available.
"With such weak data, it leaves the door open for some kind of stimulus and keeping interest rates low. That's what's been rallying commodities in the first half of the year," he said.
On Friday, investors will be anxiously awaiting the U.S. employment report for May. Economists polled by Reuters look for jobs growth of 150,000 for the month, which could put a pause in investments of riskier assets. But, a negative number could cause a more buying in commodities.
Thursday's data showed the number of Americans signing up for jobless benefits fell slightly last week, doing little to calm fears of a stalled in the U.S. economy's recovery. [ID:nN02246578]
And, new U.S. factory orders dropped in April, partly because of a 1.2 percent drop in demand for transportation goods, after an upwardly revised March rise. [ID:nN02253767]
Because of its industrial component, silver suffered the steepest losses after a third day of disappointing U.S. data.
July silver futures
"It's been silver that has taken the harder fall, because of the greater industrial component there. It has been the weak link in the group," said Steel.
GOLD STILL SUPPORTED
The gold price has still risen by over 5 percent since the early-May sell-off, and the outflow of cash from the bullion market, as evidenced by declines in exchange-traded fund and futures holdings, has begun to reverse.
In ETF flows, gold holdings rose for the first time since May 26, up about 70,000 ounces to 64.542 million ounces, bringing the net change in holdings for the year to -0.73 percent, from -0.66 percent a week ago. [GOL/ETF]
Palladium rose modestly, while platinum slipped, with both having posted sharp declines on Wednesday data showed U.S. vehicle sales slowed far more than expected last month.
Palladium
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CLOSE CHG CHG CHG
US gold