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PRECIOUS-U.S. gold up 1 pct on fears of Greek default

Published 10/03/2011, 08:48 PM
Updated 10/03/2011, 08:52 PM
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SINGAPORE, Oct 4 (Reuters) - U.S. gold futures rose 1 percent on Tuesday as safe haven buying picked up on growing fears that a Greek default could trigger another global recession.

FUNDAMENTALS

* U.S. gold futures added $5.2 an ounce to $1,662.9 an ounce by 0036 GMT, having hit a high of $1,674.4 an ounce.

* Spot gold was steady at $1,660.09 an ounce -- well below a lifetime high around $1,920 struck in September.

* Euro zone finance ministers are reviewing the size of the private sector's involvement in a second international bailout package for Greece, a move that could undermine the aid programme and hasten the threat of a Greek default.

* Credit Suisse raised the 2012 gold price outlook to $1,850 an ounce from $1,540, but cut its 2012 platinum price forecast to $1,775 per ounce from $1,990.

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

MARKET NEWS

* The yen hovered at a 10-year peak against the euro in Asia on Tuesday and held firm against the dollar as fears of a Greek debt default prompted a massive flight to safety that offset worries about yen-weakening intervention by Japan.

* The Nikkei stock average dropped on Tuesday after steep losses on Wall Street led by the financial sector on fears Europe's debt crisis was spreading.

* Brent crude oil tumbled more than a dollar on Tuesday, driven lower by fears over Greece's debt crisis and a rising dollar. Brent crude for November delivery fell to an intraday low of $100.60, down $1.11 in early Asia trading.

DATA/EVENTS

0330 Australia RBA cash rate Final Oct 2011

1145 U.S. ICSC chain stores yy Weekly

1200 Brazil Industrial output yy Aug 2011

1400 U.S. Factory orders Aug

PRICES

Precious metals prices 0036 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1660.09 3.69 +0.22 16.95 Spot Silver 30.70 0.36 +1.19 -0.52 Spot Platinum 1496.74 -0.66 -0.04 -15.32 Spot Palladium 580.15 0.10 +0.02 -27.44 TOCOM Gold 4099.00 43.00 +1.06 9.92 35313 TOCOM Platinum 3725.00 -50.00 -1.32 -20.68 7309 TOCOM Silver 74.90 0.10 +0.13 -7.53 307 TOCOM Palladium 1440.00 -70.00 -4.64 -31.33 379 COMEX GOLD DEC1 1662.70 5.00 +0.30 16.98 6555 COMEX SILVER DEC1 30.76 -0.04 -0.13 -0.60 2479 Euro/Dollar 1.3191 Dollar/Yen 76.62 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months

(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)

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