* Gold slips, off 1-week high
* Investors await Friday's U.S. job data
(Updates prices, adds quotes)
SINGAPORE, March 2 (Reuters) - Gold inched down in slow
trade on Tuesday as uncertainties over a bailout package for
debt-stricken Greece looked likely to undermine the euro and
burnish the U.S. dollar's safe-haven appeal.
Bullion jumped to its highest in nearly a week on Monday
before losing ground to track a weaker euro, with dealers
expecting the metal to trade in a narrow range before the
release of the potentially market-moving U.S. jobless data on
Friday.
Spot gold <XAU=> was at $1,117.33 an ounce by 0304 GMT,
down $1.07 from New York's notional close on Monday, when it
rose to its highest in almost a week at $1,123.30 on bargain
hunting driven by early gains in the euro.
Gold, which gained 2 percent last month, was struggling to
revisit a 1-month high around $1,130 hit in late February and
may need to clear a January high around $1,150 to sustain
gains, dealers said.
"It seems that gold is consolidating above $1,100. If we
break $1,150, maybe we will see more movements upward," said
Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"Nobody wants to commit to anything. Gold may be locked in
a range," said Leung, adding that investors would closely watch
movements in euro.
Sterling-priced gold <XAUGBP=R> was trading below Monday's
record around 753 pounds, while bullion in euro terms
<XAUEUR=R> held near a lifetime high struck two weeks ago.
U.S. gold futures for April delivery <GCJ0> were steady at
$1,118 an ounce, having traded in a narrow range on Monday.
Sterling slipped on Tuesday and was seen likely to stay
weak after tumbling to a 10-month low the previous day, while
the euro's outlook remained clouded by uncertainty over a
bailout for debt-strapped Greece. []
Sterling plunged on Monday on worries that a British
election due in months could give neither the opposition
Conservatives nor the ruling Labour Party a parliamentary
majority, sending sterling-priced gold to record high.
The euro <EUR=> steadied after falling on Monday despite
speculation that a visit to Athens by EU Economic Affairs
Commissioner Olli Rehn and European Central Bank Executive
Board member Juergen Stark could move EU governments closer to
a deal to help Greece. []
Bullion trading was also muted in Singapore as dealers
stayed on the sidelines, waiting for clues from the currency
markets.
Investors awaited this week's U.S. jobless data on Friday,
which will give more clues on consumer spending. Forecasts are
for a loss of 50,000 jobs in February, with the jobless rate
seen ticking back up to 9.8 percent. [].
U.S. crude futures were steady on Tuesday after falling
more than 1 percent a day earlier ahead of industry data
expected to show rises in U.S. crude stockpiles. []
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,106.987 tonnes
by March 1, unchanged from the previous business day.
[]
Global commodities prices are expected to rise slightly due
to some demand from emerging market economies but a broad-based
price spike is unlikely, a senior International Monetary Fund
official said on Monday. []
Precious metals prices at 0304 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1117.33 -1.07 -0.10 1.97
Spot Silver 16.43 -0.02 -0.12 -2.38
Spot Platinum 1549.25 2.75 +0.18 5.61
Spot Palladium 434.75 1.25 +0.29 7.21
TOCOM Gold 3219.00 1.00 +0.03 -1.23
28625
TOCOM Platinum 4443.00 27.00 +0.61 1.42
11035
TOCOM Silver 47.70 -0.60 -1.24 -7.74
409
TOCOM Palladium 1247.00 18.00 +1.46 7.04
236
Euro/Dollar 1.3535
Dollar/Yen 89.29
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)
