Gold rallied more than 2 percent on Thursday, biggest one-day rise since January, supported by a decline in regional U.S. factory activity that fueled hopes for more monetary stimulus.
FUNDAMENTALS
* Gold added $1.04 an ounce to $1,574.29 by 0036 GMT,
off a 4-1/2-month low at $1,527 struck on Wednesday.
* Gold raced to a record of around $1,920 last September on fears the euro zone debt crisis could spiral out of control, but this year, the metal is moving in tandem with assets that are perceived to be risky.
* U.S. gold for June delivery hardly moved at $1,574.30 an ounce.
* Spain's borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalised Bankia diving and 16 lenders - including the euro zone's biggest - having their credit ratings
cut.
* British Prime Minister David Cameron urged Europe's rulers on Thursday to do more to quell the euro zone debt crisis and raised the prospect of a Greek default to argue he must stick to his unpopular attempt to cut spending and reduce debt at home.
MARKET NEWS
* Asian shares fell steeply on Friday after more signs emerged of growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for investor. The euro was off a 4-month low.
* U.S. crude prices hovered above $92 a barrel on Friday, supported by the planned start of a U.S. pipeline that will help ease a Midwest oil glut.
DATA/EVENTS (GMT)
0200 China House prices m/m May
1930 U.S. CFTC commitment of traders data
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