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PRECIOUS-Factors to watch on June 15

Published 06/15/2011, 02:38 AM
Updated 06/15/2011, 02:40 AM
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LONDON, June 15 (Reuters) - Gold held steady on Wednesday, but remained supported on inflation fears ignited by recent strong Chinese economic data, lingering worries over debt problems in Europe and the United States, as well as firm equities.

For latest market report, see [GOL/]

PRICES * Spot gold was bid at $1,523.11 an ounce at 0626 GMT from $1,523.25 late in New York on Tuesday.

* Silver was at $35.34 from $35.32.

* Platinum at $1,790 from $1,789.20.

* Palladium at $791.47 from $790.20

DATA/EVENTS

* U.S. CPI/core CPI for May - 1230 GMT

* UK employment data for April - 0830 GMT

* Euro zone industrial production for April - 0900 GMT

* New York Fed empire state survey for June - 1230 GMT

* U.S. industrial production/cap use for May - 1315 GMT

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

MARKET NEWS

* The euro came under pressure in Asia on Wednesday as worry about euro zone debt intensified after EU ministers failed to seal a deal on Greece, prompting a move away from riskier assets which helped gold extend gains. [MKTS/GLOB]

* The euro fell as markets refocused on the euro zone's debt problems after Moody's threatened large French banks with possible downgrades, while hedge funds bet on further drops in the currency. [USD/]

* Oil fell as the dollar strengthened against the euro, while rising gasoline stockpiles in top consumer the United States signalled fuel demand is stalling. [O/R]

* U.S. stocks posted their biggest gains in nearly two months on Tuesday as retail sales figures allayed fears over the economy that had driven a six-week slump in the market. [.N]

* European shares were expected to dip on Wednesday due to less investor appetite for riskier assets after euro zone ministers failed to finalise a deal on a new bailout for Greece. [.EU]

FUNDAMENTALS

* Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust , fell 0.44 percent from Monday to Tuesday, while the largest gold-backed ETF, New York's SPDR Gold Trust was unchanged for the same period.

* China's gold production is expected to rise by more than 10 percent in 2011 from a year ago, a senior official from the China Gold Association said on Wednesday, adding that world gold prices would continue to climb in the second-half. [ID:nL3E7HF0CG]

TECHNICALS

* Gold support at $1,519 an ounce, resistance at $1,533 an ounce and 14-day RSI at 51.02.

* Platinum support at $1,780 an ounce, resistance at $1,805 and 14-day RSI at 47.8.

* Silver support at $34.70 an ounce, resistance at $36.25 and 14-day RSI at 42.6.

For related news and prices, click on the codes in brackets: Spot gold/silver Platinum/palladium Gold lease rates Comex gold futures <0#GC:> Europe/Asia prices CBOT 100 oz gold futures <0#ZG:> RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] Metals summary [GLANCE/MTL] Index of summaries [GLANCE/] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc Foreign exchange rates SPEED GUIDES

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