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PRECIOUS-Gold steady, euro zone debt fears support

Published 05/17/2011, 08:48 PM
Updated 05/17/2011, 08:52 PM
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SINGAPORE, May 18 (Reuters) - Gold held steady on Wednesday as worries about the euro zone's debt crisis lent support to bullion, after weak U.S. industrial and housing data triggered declines in oil and metals in the previous session.

FUNDAMENTALS

* Spot gold was little changed at $1,485.59 an ounce by 0034 GMT, after falling for three straight sessions.

* U.S. gold edged up 0.4 percent to $1,485.60.

* Spot silver inched up 0.4 percent to $34.05. U.S. silver rose by 1.7 percent to $34.06.

* Weak U.S. factory output and home building data suggested that the world's largest economy got off a weak start in the second quarter, weighing on equities and commodities. [ID:nN17138040]

* Europe's top financial officials broke a taboo on Tuesday and acknowledged for the first time that Greece may have to restructure its debts, a move which could stoke Europe's sovereign debt crisis. [ID:nLDE74G0PD]

* To take a look at stories from the Platinum Week, click [ID:nLDE74C1SQ]

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

MARKET NEWS

* The Dow and the S&P 500 fell for a third day on Tuesday after disappointing figures from Wal-Mart and Hewlett-Packard, although a late rebound suggested investors may be looking for a short-term bounce.

* The dollar held steady on Wednesday, after the euro gained against the dollar in choppy trading in the previous session but remained susceptible to losses related to how Greece might restructure its massive debt.

DATA/EVENTS 1100 U.S. Mortgage Index Weekly 1800 U.S. FOMC Minutes April 26-27

PRICES Precious metals prices 0034 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1485.59 0.74 +0.05 4.66 Spot Silver 34.05 0.14 +0.41 10.34 Spot Platinum 1762.24 0.24 +0.01 -0.30 Spot Palladium 719.22 -0.53 -0.07 -10.04 TOCOM Gold 3900.00 -20.00 -0.51 4.59 42701 TOCOM Platinum 4667.00 -7.00 -0.15 -0.62 5505 TOCOM Silver 89.00 -0.50 -0.56 9.88 1322 TOCOM Palladium 1892.00 7.00 +0.37 -9.78 134 COMEX GOLD JUN1 1485.60 5.60 +0.38 4.52 2811 COMEX SILVER JUL1 34.06 0.56 +1.68 10.07 2810 Euro/Dollar 1.4246 Dollar/Yen 81.42 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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