(Corrects headline to clarify gold snapped 11-day rally in previous session)
SINGAPORE, July 20 (Reuters) - Gold prices were little changed on Wednesday, after notching up record highs in four of the last five sessions, as signs of progress in talks to avert a U.S. default drove away some safe haven demand in bullion.
But prices remained supported as the debt crisis in the euro zone and United States were far from resolved.
FUNDAMENTALS
* Spot gold was little changed at $1,587.09 an ounce by 0049 GMT, off a record high of $1,609.51 set in the previous session.
* U.S. gold
* Gold retreated from an 11-day rally on Tuesday, as safe haven interest ebbed after a bipartisan group of senators offered an ambitious plan to revive stalled U.S. debt talks and the prospect of a long-term deficit reduction deal to avert a default by the United States.
* Sentiment in the gold market, however, remained buoyed by worries about the ongoing euro zone debt crisis. German Chancellor Angela Merkel doused expectations of any comprehensive solution to Greece's debt crisis at an emergency euro zone summit on Thursday.
* Spot silver gained half a percent to $39.14, after
dropping nearly 4 percent in the previous session. U.S. silver
* Holdings of SPDR Gold Trust edged down 0.3 percent to 1,246.011 tonnes by July 19, while iShares Silver Trust jumped nearly 2 percent to a one-month high of 9,864.33 tonnes.
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MARKET NEWS
* U.S. stocks recorded their best day since March on Tuesday after strong corporate results and renewed hope for an agreement in Washington on thorny budget issues boosted investor confidence.
* The euro rose against the dollar on Tuesday on hopes policymakers may reach a deal to provide further aid for Greece at a summit later this week, though a lack of a long-term solution for the country's debt crisis could keep the single currency vulnerable.
DATA/EVENTS 1400 U.S. Exist. home sales pct chg Jun 1400 U.S. Existing home sales Jun
PRICES Precious metals prices 0049 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1587.09 -0.76 -0.05 11.81 Spot Silver 39.14 0.18 +0.46 26.83 Spot Platinum 1768.49 6.00 +0.34 0.06 Spot Palladium 789.50 4.10 +0.52 -1.25 TOCOM Gold 4051.00 -31.00 -0.76 8.64 30292 TOCOM Platinum 4562.00 -11.00 -0.24 -2.85 3668 TOCOM Silver 99.20 -3.20 -3.13 22.47 651 TOCOM Palladium 2021.00 -12.00 -0.59 -3.62 129 COMEX GOLD AUG1 1588.10 -13.00 -0.81 11.73 2838 COMEX SILVER SEP1 39.16 -1.06 -2.64 26.57 1298 Euro/Dollar 1.4148 Dollar/Yen 79.29 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months (Editing by Himani Sarkar)