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PRECIOUS-Gold holds ground after Greek vote

Published 06/29/2011, 08:56 PM
Updated 06/29/2011, 09:00 PM

SINGAPORE, June 30 (Reuters) - Gold steadied on Thursday after Greece's parliament voted in favour of austerity measures, while investors await the decisive vote later in the day on a final austerity bill.

FUNDAMENTALS

* Spot gold was down slightly at $1,510.45 an ounce by 0038 GMT. U.S. gold barely moved at $1,511.20.

* Spot gold was headed for a second straight monthly decline with a fall of more than 1 percent. But it was on course for a quarterly rise of 5.6 percent, its 11th straight quarter of gains.

* Greece approved the first of two austerity measures on Wednesday, boosting risk appetite in global markets, which benefited commodities including gold.

* Underpinning market sentiment, U.S. President Barack Obama called for new stimulus, which are likely to further complicate deficit reduction talks with Republicans.

* Palladium rose for the third consecutive session, tracking strength in the global stocks market which was lifted by Greece's vote on the austerity measures. Spot palladium gained 0.6 percent to $751.22.

* Spot platinum edged down 0.2 percent to $1,719.99

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

MARKET NEWS

* Wall Street closed its best three-day run in three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.

* The euro rose to fresh two-week highs against the dollar in Asia on Thursday, swept higher by a wave of stop-loss buying and extending a rally after Greece moved a step closer to securing international aid.

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DATA/EVENTS 0500 Japan Construction orders yy May 0600 Germany Retail sales yy real May 0800 EZ Money-M3 3m moving av May 0800 Germany Unemployment rate sa Jun 0900 EZ Inflation, flash yy Jun 1230 U.S. Unemployment claims Weekly 2330 Japan CPI, core nationwide yy May 2350 Japan Tankan big mf idx Apr 2350 Japan Tankan all big capex est Apr

PRICES

Precious metals prices 0038 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1510.45 -1.10 -0.07 6.41 Spot Silver 34.83 0.07 +0.20 12.86 Spot Platinum 1719.99 -4.01 -0.23 -2.69 Spot Palladium 751.22 4.72 +0.63 -6.04 TOCOM Gold 3926.00 -4.00 -0.10 5.28 24058 TOCOM Platinum 4521.00 22.00 +0.49 -3.73 7744 TOCOM Silver 90.30 1.30 +1.46 11.48 673 TOCOM Palladium 1962.00 5.00 +0.26 -6.44 154 COMEX GOLD AUG1 1511.20 0.80 +0.05 6.32 1296 COMEX SILVER JUL1 34.81 0.05 +0.16 12.49 22 Euro/Dollar 1.4471 Dollar/Yen 80.63 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months

(Editing by Ed Lane)

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