Gold prices rose in Asian trading Wednesday, regaining composure after plunging on news that Greece has a fraction of private creditors ready to approve a debt restructuring with a March 8 deadline looming hard.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,678.35 a troy ounce, up 0.37%. Gold futures were likely to test technical support at USD1,609.95 a troy ounce and resistance at USD1,747.95.
FUNDAMENTALS
* Spot gold hardly changed at $1,673.86 an ounce by 0025 GMT after hitting a high at $1,675.50. It had dropped as low as $1,663.95 on Tuesday, its weakest since January 25.
* U.S. gold for April delivery rose $2.50 to $1,674.60 an ounce.
* Athens turned up the heat on its creditors on Tuesday as it sought to secure a bond swap that will cut its mountainous debt, while the main bondholders group warned a disorderly default would cause more than a trillion euros of damage to the euro zone.
* Hong Kong shipped 32,948 kg of gold to mainland China in January, down 15 percent from the previous month, the Hong Kong Census and Statistics Department said on its website, reflecting slower sales during the Lunar New Year holiday.
MARKET NEWS
* Commodity currencies like the Australian dollar nursed heavy losses for a second session in Asia on Wednesday, while the euro also looked wobbly as renewed worries about Greece hit a market already fretting over Chinas slower growth target.
* Japans Nikkei share average fell 1.1 percent in early trade on Wednesday on fresh concerns over slowing global growth after Brazil reported weak growth for 2011 and fears that Greece may not meet its deadline for debt restructuring. * Oil prices retreated on Tuesday as data showing a shrinking euro zone economy fueled fears of curbed demand for petroleum, while news that major powers accepted Irans offer for more talks on its nuclear program eased concerns about supply disruptions.
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