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CORRECTED-PRECIOUS-Gold flat; Greece vote weighs

Published 06/30/2011, 11:27 PM
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(Removes milestone in lead, headline; changes milestone in second paragraph from "2.5-percent weekly loss" to "little changed from a week earlier")

SINGAPORE, July 1 (Reuters) - Spot gold was flat on Friday after Greece approved austerity measures to secure emergency funding, seen to diminish safe-haven demand for bullion.

FUNDAMENTALS

* Spot gold was little changed at $1,499.09 an ounce by 0035 GMT, little changed from a week earlier.

* U.S. gold edged down 0.2 percent to $1,499.70.

* Greece's parliament approved the final austerity measures needed to secure financial aid and avoid a debt default, but longer-term dangers lurk, potentially supporting safe haven demand in gold.

* Gold was the best-performing metal in the second quarter, during which commodities posted the largest quarterly loss since the 2008 financial crisis, led by steep sell-offs in grains and oil.

* The U.S. Federal Reserve ended its $600 billion bond purchase programme on Thursday, which has helped commodities rally since late last year, as investors speculate on the possibilities of further stimulus from the central bank.

* The latest U.S. data painted a mixed picture, with factory activity in the Midwest accelerating in June, but initial jobless claims last week higher than expected.

* For the top stories on metals and other news, click , or

MARKET NEWS

* U.S. stocks ended a volatile quarter on Thursday with their biggest four-day rally since September as positive economic data and a temporary resolution of Greece's debt crisis indicated further gains in July.

* The euro took a bit of a breather in Asia on Friday after this week's rally with market focus turning to an upcoming batch of economic data, now that Greece looked set to secure emergency funds and avert imminent bankruptcy.

DATA/EVENTS 0100 China NBS PMI Jun 0230 China HSBC PMI Jun 0400 Russia Manufacturing PMI Jun 0500 India HSBC Markit Mfg PMI Jun 0743 Italy Markit/ADACI Mfg PMI Jun 0753 Germany Markit/BME Mfg PMI Jun 0758 EZ Markit Mfg PMI Jun 1130 India M3 Money Supply 1200 Brazil Industrial output yy May 1355 U.S. Reuters/Umich sentiment 1930 U.S. CFTC trader commitments-futures Weekly <0#1CFTC00> 1930 U.S. CFTC trader commitments-fut&opnsWeekly <0#3CFTC00>

PRICES Precious metals prices 0035 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1499.09 -0.51 -0.03 5.61 Spot Silver 34.70 0.05 +0.14 12.44 Spot Platinum 1717.24 -2.91 -0.17 -2.84 Spot Palladium 752.48 0.23 +0.03 -5.88 TOCOM Gold 3902.00 -11.00 -0.28 4.64 25817 TOCOM Platinum 4511.00 1.00 +0.02 -3.94 4175 TOCOM Silver 90.00 -0.30 -0.33 11.11 319 TOCOM Palladium 1976.00 5.00 +0.25 -5.77 119 COMEX GOLD AUG1 1499.70 -3.10 -0.21 5.51 2023 COMEX SILVER JUL1 34.79 -0.03 -0.08 12.43 0 Euro/Dollar 1.4470 Dollar/Yen 80.76 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Ed Lane)

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