PRECIOUS-Gold drops after rally as dollar rises

SYDNEY, May 4 (BestGrowthStock) – Gold was driven lower by a
stronger U.S. dollar after hitting its highest price this year
overnight, but skepticism persists over whether a viable
resolution to Greece’s debt crisis has been reached.


* Spot gold (XAU=: ) was quoted at $1,181.45 in early trading
versus Monday’s notional close of $1,183.30. Intraday trading
on Monday saw spot bullion climb to a 2010 high of $1,187.41 an

* U.S. June gold futures (GCM0: ) dipped to $1,182.40 an ounce
against a close of $1,183.30.


* U.S. stocks (Read more about the stock market today. ) staged a broad rally that drove the S&P 500 to
its best day in two months on Monday after manufacturing,
consumer spending and construction data instilled confidence
that the economic recovery is gaining traction. The S&P 500
Index (.SPX: ) gained 15.57 points, or 1.31 percent, to 1,202.26.
The Dow Jones industrial average (.DJI: ) rose 143.22 points, or
1.30 percent, to 11,151.83. [.N]

* European markets contained a dose of skepticism and
traded almost flat toward Greece’s news. [.FTEU3]

* The U.S. dollar remained firm against a basket of six
major currencies on Tuesday after rising against the euro and
yen on Monday on growth in U.S. manufacturing and doubts about
Greece’s ability to honor a pledge for drastic wage cuts in
return for an aid package. [USD/]

* Light crude oil for June delivery (CLc1: ) fell 0.22
percent to $86.00 per barrel on Tuesday, ending gains on Monday
that saw crude reach a 19-month peak as economic optimism
lifted Wall Street and on concerns that an oil spill off the
U.S. Gulf Coast could disrupt short-term supply. [O/R]


* Australia’s central bank interest rate decision (0430

* German March retail sales (0600 GMT)

* U.K. April manufacturing PMI (0828 GMT)

* U.K. March consumer credit (0830 GMT)

* U.K. March mortgage approvals (0830 GMT)

* Euro zone March producer price index (0900 GMT)

* U.S. Treasury Secretary Timothy Geithner testifies before
a Senate Finance Committee hearing (1400 GMT)

* U.S. March pending home sales (1400 GMT)

* U.S. March factory orders (1400 GMT)


* Newcrest agrees $8.8 bln takeover of Lihir Gold

* Yamana gold revenue jumps on output, gold price

* Turkish April gold imports rise sharply-Gold exchange

* U.S. factory growth rises, consumer spending up
Precious metals prices at 0051 GMT
Metal Last Change Pct chg YTD pct chg
Spot Gold 1181.95 0.55 +0.05 7.87
Spot Silver 18.77 0.00 +0.00 11.53
Spot Platinum 1725.25 5.25 +0.31 17.60
Spot Palladium 541.00 2.00 +0.37 33.42
TOCOM Gold 3581.00 26.00 +0.73 9.88
TOCOM Platinum 5260.00 22.00 +0.42 19.95
TOCOM Silver 57.00 0.60 +1.06 10.25
TOCOM Palladium 1664.00 -1.00 -0.06 42.83
Euro/Dollar 1.3208
Dollar/Yen 94.75
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.

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(Reporting by James Regan; Editing by Ed Lane)

PRECIOUS-Gold drops after rally as dollar rises