* Gold slips on weaker euro, off 1-week high
* Investors await Friday's U.S. job data
* Coming Up: Redbook weekly U.S. retail sales 1355 GMT
(Updates prices, adds movements in physical market)
By Lewa Pardomuan
SINGAPORE, March 2 (Reuters) - Gold slipped 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 $1,115.80 an ounce by 0657 GMT,
down $2.60 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.
In the physical market, sales of gold scrap picked up in
Southeast Asia due to recent gains in bullion prices, while
India was on the sidelines despite the approaching wedding
season. []
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> fell $2.5 an
ounce to $1,115.8, having traded in a narrow range on Monday.
Sterling slipped on Tuesday 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=> extended losses 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 Asia as dealers stayed on
the sidelines, waiting for clues from the currency markets.
"People want to see if there are big surprises which could
probably move the forex market, and eventually gold," said a
dealer in Hong Kong.
"Gold seems to be lacking momentum to go anywhere. It's
still a range trade of $1,100 to $1,130," said the dealer,
referring to a 1-month high hit last week.
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 0657 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1115.80 -2.60 -0.23 1.83
Spot Silver 16.37 -0.08 -0.49 -2.73
Spot Platinum 1542.00 -4.50 -0.29 5.11
Spot Palladium 433.50 0.00 +0.00 6.91
TOCOM Gold 3222.00 4.00 +0.12 -1.14
39905
TOCOM Platinum 4443.00 27.00 +0.61 1.42
15929
TOCOM Silver 47.80 -0.50 -1.04 -7.54
724
TOCOM Palladium 1252.00 23.00 +1.87 7.47
595
Euro/Dollar 1.3522
Dollar/Yen 89.31
TOCOM prices in yen per gram. Spot prices in $ per ounce.
