Factors to watch on March 4 , 2011- MARKET NEWS gold and silver

Factors to watch on March 4 , 2011- MARKET NEWS gold and silver : Spot gold steadied on Friday, pausing after a drop of more than 1 percent in the previous session, as investors awaited a key U.S. job market report to assess the health of the world's top economy.

PRICES
* Spot gold XAU= was bid at $1,416.35 an ounce at 0738 GMT from $1,415.59 late in New York on Thursday.
* Silver XAG= was at $34.41 from $34.17.
* Platinum XPT= at $1,826.03 from $1,823.49.
* Palladium XPD= at $799.50 from $812.

DATA/EVENTS

* U.S. employment report for February, 1330 GMT
* U.S. ECRI future inflation gauge for February, 1440 GMT
* U.S. factory orders for January, 1500 GMT
* European Union summit - Helsinki
* ECB President Jean-Claude Trichet participates in roundtable at symposium - Paris, 1525 GMT
* U.S. ECRI weekly, 1530 GMT

MARKET NEWS

* Asian stocks were poised for their best weekly gains in three months as market players hunted for bargains. [MKTS/GLOB]

* The euro took a breather in its explosive rally ahead of influential U.S. jobs data, but the single currency is set to stay in demand after the European Central Bank signalled it may raise interest rates as early as next month. [USD/]

* Brent oil held steady near $115 on Friday over doubts that a Venezuelan peace proposal would resolve Libya's crisis, while payrolls data from the United States are likely to reaffirm a recovery in the world's largest energy user. [O/R]

* European shares were set to rise after sharp gains on Wall Street and in Asian equities on growing optimism that a key U.S. jobs report will confirm an upbeat outlook for the recovery in
the country's labour market. [.EU]

* Investors betting on a big gain in U.S. payrolls pushed Wall Street to its best one-day rally in three months on Thursday. [.N]

FUNDAMENTALS

* The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD), said its holdings fell to 1,210.621 tonnes by March 3, its lowest since mid-May last year, from 1,210.961 tonnes on Feb 28. [ID:nL3E7E4004]

* Holdings in the world's largest silver-backed exchange-traded fund, iShares Silver Trust (SLV), rose to 10,794.89 tonnes by March 3, their highest since early January, from 10,764.52 tonnes on March 2. [ID:nL3E7E400I]

TECHNICALS
* Gold support at $1,404 an ounce, resistance at $1,428 an ounce and 14-day RSI at 62.
* Silver support at $33.50 an ounce, resistance at $35.10 and 14-day RSI at 67.
* Platinum support at $1,808 an ounce, resistance at $1,850 and 14-day RSI at 54. source www.reuters.com... For the latest updates PRESS CTR + D or visit Stock Market news Today

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