* Gold flat on mounting Greek debt worries, mixed US data
* Weak factory activity offsets better labor, housing data
* Gold/silver ratio rises to 43 after 28-year low in April
* Coming up: U.S. consumer sentiment Friday (Recasts, adds comment, link to graphics, updates market activity)
By Frank Tang
NEW YORK, June 16 (Reuters) - Gold prices ended nearly flat on Thursday, underpinned by safe-haven demand amid fears that Greece's debt crisis may escalate and the U.S. economic outlook will stay weak.
U.S. data gave a mixed picture. A gauge of regional manufacturing activity hit a near two-year low in June, overshadowing improved readings on the labor and housing markets. Gold has risen around 4 percent in the last 30 days after a string of disappointing economic data hit the equity markets.
But bullion drew support from economic uncertainty as international lenders scrambled to save Greece from default, and on uncertainty related to talks over U.S. debt ceiling.
"Greece is facing a number of difficulties and obstacles right now. If it can meet some of these challenges, you will see a flight back to the risk assets and maybe less to safety," said Phillip Streible, senior market strategist with Lind Waldock, a unit of futures broker MF Global.
"For now, gold gets the benefit of being a safe haven."
Spot gold
The U.S. August futures contract
The metal is about 3 percent below a lifetime high of $1,575.79 touched in early May.
Greek Prime Minister George Papandreou struggled to quell a revolt in his party against EU/IMF-ordained austerity steps. Worries over the European debt crisis pummeled the euro and pushed to record highs the cost of insuring against default the debt of Greece and several other peripheral euro zone nations. [ID:nLDE75E0JC] [GVD/EUR] [FRX/]
"The (gold) market has an underlying confidence level based upon what is going on in the Middle East, with the debt crisis, with Greece," said ANZ head of metals sales Peter Hillyard.
Gold priced in euros
Bullion also drew support from economic uncertainty as a group of top U.S. lawmakers set an ambitious July 1 goal to reach a broad debt-reduction deal. The Republicans and the White House are still far apart agreeing on how to to raise the $14.3 trillion debt limit so the world's biggest economy can avoid default and keep borrowing. [ID:nN15289440]
GOLD/SILVER RATIO RISES
Silver
BNP Paribas said silver buying would likely be muted over summer on lagging industrial demand, and did not expect the gold/silver ratio to decline back to the low 30s.
The ratio, showing how many ounces of silver can buy one ounce of gold, rose above 43 after falling to just 31 in late April, its weakest since the early 1980s.
(Graphic: http://r.reuters.com/jas22s)
Weaker economic sentiment also weighed on platinum group
metals. Platinum
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US gold