* Gold falls from 1-week high, investors book profits
* Players await details of EU plan to rescue Greece
(Updates prices, milestone)
By Lewa Pardomuan
SINGAPORE, Feb 12 (Reuters) - Gold dropped on Friday after
rising to a one-week high the previous day as the euro softened
against the U.S. dollar, and investors also waited for more
details from a European rescue plan for debt-ridden Greece.
But gold's steady rebound since falling to a three-month
low raised hopes it could eventually revisit last week's high
around $1,100 an ounce on firming stock markets.
Gold <XAU=> fell $5.75 to $1,090.10 an ounce by 0634 GMT.
It hit an intraday high of $1,097.75 on Thursday as investors
turned to bullion as a hedge against currency volatility
following a pledge by the European Union to help Greece.
"The details of the plans are awaited eagerly by people. If
it is convincing, we can see more upside in risk-taking trade,"
said Wong Eng Soon, an investment analyst at Phillip Futures in
Singapore.
"For a short timeframe, at least for one week, it has still
some upside to go, up until around $1,110 levels," said Wong,
adding that the market would watch currency movements ahead of
fourth-quarter gross domestic product data in the euro zone
later in the day.
Despite the fall, bullion was on track for a 2.3 percent
rise this week - its best weekly gain in a month. Gold was 11
percent below a lifetime high of $1,226.10 hit in early
December, but around 4 percent above a three-month low of
$1,043.75 hit last week.
Physical trade slowed to a trickle in Singapore ahead of
the Lunar New Year holidays. Premiums for gold bars were
unchanged at $1.10 to the spot London prices. <GOLD/ASIA1>
The euro <EUR=> fell because of disappointment among
investors over lack of detail from the European Union on
helping debt-laden Greece. It had dropped as low as $1.3595 on
EBS on Thursday, not far from an 8-1/2-month low of $1.3585 hit
last week. []
Dealers said the European currency might get a lift from
covering of short positions ahead of a long weekend in the
United States and parts of Asia, but investors were ready to
sell it on rallies above $1.3700.
U.S. gold futures for April delivery <GCJO> fell $3.8 to
$1,090.9 as speculators booked profits after pushing up the
contract to a one-week high on Thursday.
"The U.S. dollar has been a little bit stronger today. It
may be that it's taking some of the edge off the gold price,"
said David Moore, commodities strategist at the CBA in Sydney.
"I think it's actually being quite resilient. It's actually
held up relatively well given this sort of movement we've seen
in the U.S. dollar over a period of time," he added.
The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,106.378 tonnes
as of Feb. 11, unchanged from the previous business day.
[] Precious metals prices at 0634 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1090.10 -5.75 -0.52 -0.51
Spot Silver 15.61 -0.03 -0.19 -7.25
Spot Platinum 1522.00 -6.00 -0.39 3.75
Spot Palladium 417.75 -1.75 -0.42 3.02
TOCOM Gold 3152.00 40.00 +1.29 -3.28
52441
TOCOM Platinum 4373.00 72.00 +1.67 -0.18
13946
TOCOM Silver 45.80 0.60 +1.33 -11.41
586
TOCOM Palladium 1199.00 2.00 +0.17 2.92
440
Euro/Dollar 1.3667
Dollar/Yen 89.74
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Additional reporting by Chikako Mogi in TOKYO; Editing by
Michael Urquhart)
