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PRECIOUS-Gold flat; lingering Greece debt crisis underpins

Published 06/09/2011, 09:04 PM
Updated 06/09/2011, 09:08 PM
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SINGAPORE, June 10 (Reuters) - Spot gold was little changed on Friday, after the European Central Bank rejected any form of debt restructure for Greece, fueling worries about the country's debt crisis and underpinning sentiment in bullion.

FUNDAMENTALS

* Spot gold was flat at $1,543.79 an ounce by 0046 GMT, headed for a 0.2 percent weekly gain.

* U.S. gold edged up 0.2 percent to $1,545.10.

* The European Central Bank signalled a July rate hike as expected, but raised the stakes in its stand-off with governments over a new bailout for Greece by rejecting any form of debt restructure.

* Lack of an immediate solution for Greece's debt crisis is likely to keep gold sentiment underpinned, as investors seek safe haven in bullion during times of economic and political uncertainties.

* In the United States, record exports in April tempered fears that the economic recovery was running off the rails, even though first-time claims for jobless benefits edged higher last week.

* Investors are waiting for cues from the U.S. Federal Reserve on its future policy moves as the $600 billion bond purchase programme is due to expire at the end of the month.

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

MARKET NEWS

* The euro hovered above a one-week low against the dollar hit in the previous session, while the dollar edged lower against a basket of currencies.

* Wall Street ended higher for the first time in over a week on Thursday, with the Dow and the S&P 500 rising 1 percent at one point, but many analysts saw the rebound as short-lived.

DATA/EVENTS 0530 India Industrial Output y/y Apr 2011 0645 France Industrial output mm Apr 2011 :: China Exports yy May 2011 :: China Imports yy May 2011 :: China Trade balance May 2011 1930 U.S. CFTC trader commitments-futures Weekly <0#1CFTC00> 1930 U.S. CFTC trader commitments-fut&opnsWeekly <0#3CFTC00>

PRICES Precious metals prices 0046 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1543.79 0.19 +0.01 8.76 Spot Silver 37.79 0.26 +0.69 22.46 Spot Platinum 1838.99 2.14 +0.12 4.04 Spot Palladium 814.00 0.92 +0.11 1.81 TOCOM Gold 3999.00 37.00 +0.93 7.24 27212 TOCOM Platinum 4800.00 74.00 +1.57 2.21 7370 TOCOM Silver 97.60 3.10 +3.28 20.49 594 TOCOM Palladium 2100.00 26.00 +1.25 0.14 229 COMEX GOLD AUG1 1545.10 2.40 +0.16 8.70 2029 COMEX SILVER JUL1 37.83 0.40 +1.07 22.25 988 Euro/Dollar 1.4530 Dollar/Yen 80.37 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 Himani Sarkar)

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