gold prices outlook feb 7 2012

gold prices outlook feb 7 2012 : Gold held steady on Tuesday, as investors remain focused on the development in Greece's struggle with its debt crisis after Athens delayed its decision on accepting the terms of a new bailout.

FUNDAMENTALS
* Spot gold was little changed at $1,718.59 an ounce by 0041 GMT, after touching a 1-1/2-week low of $1,711.29 in the previous session.

* U.S. gold edged down 0.2 percent to $1,721.50.

* Greece on Monday delayed its decision on whether to accept the terms of a new bailout for yet another day. Failure to strike a deal could push Greece into a chaotic debt default.

* Market participants are also awaiting a rate decision by Australia's central bank later in the day. The Reserve Bank of Australia is expected to further ease interest rates as the Europe debt woes drag on.

* Major bullion bank HSBC said it was keeping its 2012 average gold forecast at $1,850 an ounce due to accommodative global monetary policies and investor jitters about financial markets.

* Platinum output in South Africa is likely to end up lower than forecast this year due to snowballing labour and safety stoppages, supporting metal prices but boosting costs for
producers and dampening share prices.

* Spot platinum lost 0.2 percent to $1,618.75, up about 16 percent so far this year, after a 21-percent decline in 2011.

MARKET NEWS
* U.S. stocks closed slightly lower on Monday as lingering questions about Europe's debt crisis and corporate earnings overshadowed growing optimism about economic growth after a five-week rally.

* The euro held steady in Asia on Tuesday as markets remained sanguine that Greece will eventually clinch a rescue package, even as the country's political leaders delayed their decision to accept painful terms by yet another day.
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