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PRECIOUS-Factors to watch on June 13

Published 06/13/2011, 02:37 AM
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LONDON, June 13 (Reuters) - Spot gold held steady in thin trade on Monday as the euro regained ground against the U.S. dollar, but needs to surpass recent peaks to reignite momentum fuelled largely by a debt crisis in Europe.

For latest market report, click on [GOL/].

PRICES * Spot gold was bid at $1,530 an ounce at 0623 GMT compared with $1,531.03 late in New York on Friday.

* Silver was at $35.86 from $36.13.

* Platinum was at $1,824.74 from $1,823.75

* Palladium was at $807.28 from $809.95.

DATA/EVENTS

* ECB'S jean-Claude Trichet speaks at LSE at 1300 GMT.

* Federal Reserve Bank of Richmond President Jeffrey Lacker speaks at 1330 GMT.

* Federal Reserve Bank of Dallas President Richard Fisher speaks at 2300 GMT.

[ECI/US] [ECI/EURO] [ECI/GB][M/DIARY] [MTL/DIARY]

MARKET NEWS

* The euro bounced on Monday, though its gains appeared short-lived as major European powers continue to haggle over a fresh rescue package for Greece, while Asian stocks extended a seven-week losing streak on fears the global recovery is losing steam. [MKTS/GLOB]

* The euro edged up against the dollar on Monday, bouncing back from an early drop as traders expected a bout of short-covering to give the single currency only a temporary reprieve. [USD/]

* Crude fell on Monday, extending WTI's record discount to Brent to almost $20, as growing investor concern about a slowdown in the United States and other industrialised economies combined with rising oil output from top exporter Saudi Arabia. [O/R]

* European stock index futures pointed to a lower open on Monday, adding to the previous session's sharp sell-off, on mounting worries over the health of the global economy and concerns over Greece's debt crisis. [.EU] [.N] [MARKETS/AS]

* The Dow and S&P 500 closed out their sixth week of losses on Friday as further signs of a global economic slowdown set the stage for more losses ahead. [.N].

FUNDAMENTALS

* Newmont Mining Corp , the world's No.2 gold producer, sees prices for the precious metal rising up to $1,600 this year and then above that next year, on growing demand from Asia's burgeoning middle class. [ID:nL3E7HD0B1]

* Tanzania will not impose a proposed super profit tax on existing mining companies, but will negotiate with the companies to have them pay the new tax, the east African country's mining minister said on Sunday. [ID:nLDE75B05X]

* Holdings of the largest gold-backed exchange-traded-fund (ETF) New York's SPDR Gold Trust fell 0.88 percent from Thursday to Friday, while, the largest silver-backed ETF, New York's iShares Silver Trust remained unchanged for the same period.[ID:nSGE75A001]

TECHNICALS

* Gold support was at $1,526 an ounce and resistance at $1,534. The 14-day RSI was at 60.

* Silver support was at $35.15 an ounce and resistance at $36.50. The 14-day RSI was at 47.6.

* Platinum support was at $1,813 an ounce and resistance at $1,833. The 14-day RSI was at 62.2.

(Reporting by Melanie Burton; editing by Jason Neely)

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