Manila(Sharemasterindia.com): Gold held above a four-month low early on
Friday, spurred by a firmer euro on signs of progress in debt-hit
Greece's efforts to secure fresh funding.
But bullion is still down so far for the week, its third in a row, as the Greek debt saga and China's equities rout failed to spark safe-haven bids.
Fundamentals
* Spot gold was up 0.1 percent at $1,160.68 an ounce by 0029 GMT. It had lost 0.6 percent for the week after touching $1,146.75 on Wednesday, its lowest since March 18.
* U.S. gold for August delivery was nearly flat at $1,159.50 an ounce.
* The Greek government sent a package of reform proposals to its euro zone creditors on Thursday in a race to win new funds to avert bankruptcy and will seek a parliamentary vote on Friday to endorse immediate actions.
* The euro gained against the dollar on the news, making dollar-denominated assets such as gold cheaper for buyers using other currencies.
* Investors will also keep an eye on China's stock market which bounced around 6 percent on Thursday after Beijing banned shareholders with large stakes in listed firms from selling.
* The International Monetary Fund trimmed its forecast for global economic growth this year, citing recent weakness in the United States. But the IMF said growth prospects for next year remain undimmed, despite Greece's debt crisis and recent volatility in Chinese financial markets.
* New applications for U.S. unemployment insurance benefits rose last week to their highest level since February, suggesting some slowdown in the labour market recovery.
But bullion is still down so far for the week, its third in a row, as the Greek debt saga and China's equities rout failed to spark safe-haven bids.
Fundamentals
* Spot gold was up 0.1 percent at $1,160.68 an ounce by 0029 GMT. It had lost 0.6 percent for the week after touching $1,146.75 on Wednesday, its lowest since March 18.
* U.S. gold for August delivery was nearly flat at $1,159.50 an ounce.
* The Greek government sent a package of reform proposals to its euro zone creditors on Thursday in a race to win new funds to avert bankruptcy and will seek a parliamentary vote on Friday to endorse immediate actions.
* The euro gained against the dollar on the news, making dollar-denominated assets such as gold cheaper for buyers using other currencies.
* Investors will also keep an eye on China's stock market which bounced around 6 percent on Thursday after Beijing banned shareholders with large stakes in listed firms from selling.
* The International Monetary Fund trimmed its forecast for global economic growth this year, citing recent weakness in the United States. But the IMF said growth prospects for next year remain undimmed, despite Greece's debt crisis and recent volatility in Chinese financial markets.
* New applications for U.S. unemployment insurance benefits rose last week to their highest level since February, suggesting some slowdown in the labour market recovery.
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