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PRECIOUS-Gold steady on Greece debt fear, soft US data

Published 05/29/2011, 08:58 PM
Updated 05/29/2011, 09:04 PM
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SINGAPORE, May 30 (Reuters) - Gold held steady on Monday underpinned by a soft dollar, as concerns about Greece's debt crisis as well as sluggish U.S. consumer and housing market data supported appetite in bullion.

FUNDAMENTALS

* Spot gold steadied at $1,535.45 an ounce by 0038 GMT. It gained 1.8 percent last week.

* U.S. gold was little changed at $1,535.90.

* Amid worries about Greece's debt crisis, officials from the International Monetary Fund and the European Union said they do not anticipate debt restructuring in Greece. [ID:nLDE74S0K3][ID:nN2757212]

* Sluggish consumer spending and a seven-month low pending home sales in Aprils stoked worries that the U.S. economic recovery was losing momentum, dragging the dollar down to near a three-week low hit on Friday against a basket of currencies. [ID:nN271881]

* Commodity and financial markets in the United States and the U.K. are closed on Monday for public holidays.

* Speculators in gold futures and options raised their net long positions in the week ended May 24, while they continued to cut length in silver and copper positions, the latest data from the U.S. Commodity Futures Trading Commission showed. [ID:nEMS4HYGY2]

* Spot silver rose 1.1 percent to $38.32, building on last week's 8.1 percent ascent. U.S. silver gained 1.2 percent to $38.33.

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

* Reuters technical analyst Wang Tao expects spot gold to retrace to $1,513 per ounce as a wave "c" rebound has completed. [ID:nL3E7GU010]

MARKET NEWS

* The Dow and S&P 500 closed out their fourth week of losses with a small gain on Friday, but only with the help of a weaker dollar boosting metals prices and basic materials stocks.

* U.S. crude futures were little changed on Monday, hovering near a two-week high marked last week as a lack of major economic data and the closure of U.S. financial markets for the Memorial Day holiday kept investors from buying actively.

DATA/EVENTS 2300 S.Korea Industrial output yy Apr 2011 2315 Japan Manufacturing PMI May 2011 2350 Japan Industrial output prelim mm Apr 2011 2350 Japan IP forecast 1 mth ahead Apr 2011

PRICES Precious metals prices 0038 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1535.45 -0.94 -0.06 8.17 Spot Silver 38.32 0.44 +1.16 24.17 Spot Platinum 1794.74 8.04 +0.45 1.54 Spot Palladium 758.48 3.53 +0.47 -5.13 TOCOM Gold 4006.00 23.00 +0.58 7.43 23009 TOCOM Platinum 4725.00 22.00 +0.47 0.62 2686 TOCOM Silver 99.90 2.00 +2.04 23.33 660 TOCOM Palladium 1981.00 6.00 +0.30 -5.53 82 COMEX GOLD JUN1 1535.90 -0.40 -0.03 8.06 134 COMEX SILVER JUL1 38.33 0.47 +1.23 23.88 783 Euro/Dollar 1.4285 Dollar/Yen 80.91 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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