PRECIOUS-Gold rises after Greek vote, Obama's stimulus call

* Gold gains from investor risk appetite as euro rises

* Obama call for stimulus, debt ceiling talks underpin

* Greece to vote again Thurs for more austerity measures

* Coming up Thursday: US jobless claims, ISM New York data (Rewrites, adds comment, link to graphic, updates market activity)

By Frank Tang

NEW YORK, June 29 (Reuters) - Gold rose on Wednesday after the Greek parliament approved debt austerity measures, that fueled investor appetite for commodities and other riskier assets and boosted the euro against the dollar.

Also underpinning gold was President Barack Obama's call for new market stimulus including job creation measures, which are likely to further complicate talks with Republicans on an agreement to raise the U.S. debt ceiling.

"There is a lot of concern whether or not we can justify the debt ceiling and also talking about a stimulus program at the same time. That's going to continue to weaken the dollar and that's why we have the rise in gold," said Bruce Dunn, vice president of trading at bullion dealer Auramet.

Bullion's second straight day of gains partially offset weakness from risk aversion and technical selling. The metal is still down 3 percent in the last five sessions, as fears that debt-laden Greece may yet default dented gold's appeal as an inflation hedge.

Spot gold was last up 0.5 percent at $1,508.49 an ounce by 3:15 p.m. EDT (1915 GMT), countering losses seen earlier in the week that took the price below $1,500.

U.S. August gold futures settled up $10.20 to $1,510.40, after trading between $1,500.8 and $1,513.80.

U.S. COMEX volume was below 100,000 lots for a second straight day, preliminary Reuters data showed, and open interest also fell to around 495,000 lots -- near a three-month low as investors focused on the resurgent equity markets. (Graphic: http://r.reuters.com/jyp42s)

Silver was up 2.5 percent at $34.72 an ounce.

Gold was largely lifted as part of the risk-on trade--buying equities and commodities in light of dollar weakness. Crude oil rallied over 3 percent and Wall Street extended gains for a third day, as Greek parliament favored a five-year austerity plan, clearing a major hurdle in the country's bid to avoid defaulting on its debt. [ID:nLDE75S16H]

Gold, at times, rises in periods of greater investor aversion, but the Greek debt crisis, and its impact on the euro, have caused bullion to act less as a safe haven asset and more like a commodity. The 19-commodity Reuters-Jefferies CRB index <.CRB> rose sharply for a second day.

The euro rose 0.5 percent against the dollar, after Greece's parliament approved deeply unpopular austerity measures. [USD/]

"You do see gold and silver go up when you get that kind of dollar weakness," said James Dailey, a portfolio manager with TEAM Asset Strategy Fund with $200 million of fund assets.

Inflows into exchange-traded funds backed by physical gold indicated investors have been buying gold, pushing up global ETF holdings of bullion by nearly half a million ounces in the last two weeks, according to Reuters data. [GOL/ETF]

UNCERTAINTY SUPPORTS

Economic uncertainty should underpin gold prices in the longer run, given low interest rates in the United States, uncertainties in euro zone's fiscal situation, and worries over talks to raise the U.S. debt ceiling, analysts said.

Obama's call for new job-creation measures came on a day when the International Monetary Fund and the U.S. Treasury Department urged Washington to reach a deal soon. His push for new construction loans and an extension of a payroll tax cut could further alienate Republicans already incensed by Democratic demands for new tax revenue. [ID:nN1E75S0UN]

The United States would immediately have its top-notch credit rating slashed to "selective default," if it misses a debt payment on Aug. 4, Standard & Poor's managing director John Chambers told Reuters. [ID:nN1E75R27V]

Platinum group metals rose for a second day due to concerns over power supply in South Africa, the world's top producer of platinum. [ID:nLDE75R1FY]

Spot platinum was last up 2 percent at $1,722.24 an ounce, and palladium rose 1.5 percent to $747.47. Prices at 3:15 p.m. EDT (1915 GMT)

LAST/ NET PCT YTD

CLOSE CHG CHG CHG US gold 1510.40 10.20 0.7% 6.3% US silver 34.750 1.112 3.3% 12.3% US platinum 1723.80 32.10 1.9% -3.1% US palladium 733.40 10.55 1.5% -8.7% Gold 1508.49 7.99 0.5% 6.3% Silver 34.72 0.85 2.5% 12.5% Platinum 1722.24 33.04 2.0% -2.6% Palladium 747.47 11.07 1.5% -6.5% Gold Fix 1504.25 -1.75 -0.1% 6.7% Silver Fix 34.39 43.00 1.3% 12.3% Platinum Fix 1716.00 6.00 0.4% -0.9% Palladium Fix 743.00 1.00 0.1% -6.1% (Additional reporting by Amanda Cooper in London, Rujun Shen in Singapore; Editing by Carole Vaporean and David Gregorio)