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PRECIOUS-Gold edges lower as Greek debt fears ease

Published 05/31/2011, 08:58 PM
Updated 05/31/2011, 09:00 PM
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By Rujun Shen

SINGAPORE, June 1 (Reuters) - Spot gold inched lower on Wednesday as hopes for a fresh bailout package for debt-laden Greece rose, but a weaker dollar is expected to limit losses in bullion.

FUNDAMENTALS

* Spot gold edged down 0.1 percent to $1,533.10 an ounce by 0046 GMT, after posting a 1.9-percent drop in May, its worst month since January.

* U.S. gold declined 0.2 percent to $1,532.80.

* Spot gold touched a four-week high at $1,540.50 on Tuesday, as a double-dip in home prices, pessimistic consumers and a slowdown in regional manufacturing in the United States raised worries about recovery in the world's biggest economy.[ID:nN31289567]

* Fears over Greece's debt woes eased as European officials gathered to plan a second bailout package.[ID:nLDE74U1G7]

* Spot silver fell 0.6 percent to $38.22. The metal declined 19.6 percent last month, the second biggest loser in commodities just after U.S. silver, but was still up 24 percent so far this year.

* U.S. silver inched lower 0.2 percent to $38.22.

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

MARKET NEWS

* Wall St bulls took the upper hand with a 1 percent rally on Tuesday as hopes for a new plan to deal with Greece's debt crisis relieved some investor worry, but grim economic data suggested more hurdles ahead as the S&P 500 closed out its worst month since August.

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* The euro rose to a three-week high against the dollar on Wednesday.

DATA/EVENTS 0100 China NBS PMI May 2011 0130 Australia GDP yr/yr Jan 2011 0230 China HSBC PMI May 2011 0400 Russia Manufacturing PMI May 2011 0400 U.S. Total Vehicle Sales May 0500 India HSBC Markit Mfg PMI May 2011 0743 Italy Markit/ADACI Mfg PMI May 2011 0753 Germany Markit/BME Mfg PMI May 2011 0758 EZ Markit Mfg PMI May 2011 1145 U.S. ICSC chain stores yy Weekly 1400 U.S. ISM Manufacturing PMI May 1400 U.S. Construction spending Apr 2350 Japan Business capex (MOF) yy Jan 2011

PRICES Precious metals prices 0046 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1533.10 -1.55 -0.10 8.01 Spot Silver 38.22 -0.22 -0.57 23.85 Spot Platinum 1820.24 -7.86 -0.43 2.98 Spot Palladium 772.08 -2.02 -0.26 -3.43 TOCOM Gold 4020.00 -9.00 -0.22 7.80 27470 TOCOM Platinum 4811.00 37.00 +0.78 2.45 8448 TOCOM Silver 100.00 0.30 +0.30 23.46 862 TOCOM Palladium 2035.00 42.00 +2.11 -2.96 226 COMEX GOLD JUN1 1532.80 -3.10 -0.20 7.84 11 COMEX SILVER JUL1 38.22 -0.09 -0.22 23.53 785 Euro/Dollar 1.4406 Dollar/Yen 81.35 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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