PRECIOUS-Gold guarded as EU awaits Greek commitment

RELATED QUOTES

Symbol	Price	Change
MCO	38.66	-0.05

SINGAPORE, Feb 15 (Reuters) - Gold hovered in a tight
range around $1,720 an ounce on Wednesday as investors hesitated
to make big bets because Greece has yet to convince European
leaders of its ability to stick to unpopular reforms needed to
secure a bailout. 
     
    FUNDAMENTALS 
    * Spot gold was little changed at $1,719.59 an ounce
by 0048 GMT. 
    * U.S. gold edged up 0.2 percent to $1,721.90. 
    * Euro zone finance ministers dropped plans on Tuesday for a
special face-to-face meeting on Greece's new international
bailout, saying political party chiefs in Athens had failed to
provide the required commitment to reform.  
    * Hedge fund manager and long-time gold bull John Paulson
cut his gold ETF bullion holdings by about $600 million in the
fourth quarter, a second straight reduction that was likely
driven by client redemption needs as he remained upbeat on the
metal.  
    * U.S. retail sales in January fell short of expectations,
but still picked up after a sluggish December, providing a firm
foundation for the economy's recovery.  
    * For the top stories on metals and other news, click
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    MARKET NEWS 
    * U.S. stocks erased losses to end little changed on Tuesday
after a Greek government source said the conservative party
leader was expected to deliver a letter of commitment to the
country's international lenders.  
    * The euro was little changed on Wednesday after Moody's
downgraded six European countries and warned it may cut three
others' ratings.  
     
    DATA/EVENTS 
 0700  Germany   GDP flash yy             Oct 2011                
 0900  Italy     GDP prelim yy            Oct 2011                
 1000  EZ        Eurostat trade nsa, EUR  Dec 2011                
 1000  EZ        GDP flash estimate yy    Oct 2011                
 1330  U.S.
  NY Fed manufacturing     Feb                     
 1415  U.S.
Industrial output mm     Jan                     
 1500  U.S.
NAHB housing market indx Feb                    
     
    PRICES 
    Precious metals prices 0048 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1719.59    0.49   +0.03      9.96
  Spot Silver        33.56    0.02   +0.06     21.20
  Spot Platinum    1627.74    3.66   +0.23     16.85
  Spot Palladium    683.22    1.02   +0.15      4.71
  COMEX GOLD APR2  1721.90    4.20   +0.24      9.90         2232
  COMEX SILVER MAR2  33.57    0.22   +0.67     20.26          251
  Euro/Dollar       1.3120
  Dollar/Yen         78.44
  COMEX gold and silver contracts show the most active months  
     
     
 
 (Reporting by Rujun Shen; Editing by John Mair)