PRECIOUS-Gold inches down on heightened Spain worries
SINGAPORE, July 23 (Reuters) - Gold edged lower on Monday under the pressure of a stronger dollar, as investors fretted about Spain's finance after its Valencia region said it might need help from Madrid. FUNDAMENTALS * Spot gold edged down 0.2 percent to $1,580.84 an ounce by 0032 GMT, after posting a 0.3-percent loss last week. * U.S. gold futures contract for August delivery inched down 0.1 percent to $1,580.70. * Spain's heavily indebted eastern region of Valencia said on Friday it would need financial help from Madrid, spooking financial markets and complicating central government efforts to stave off a full-blown sovereign bailout. * The European Central Bank turned up the heat on Greece on Friday ahead of a review of its bailout programme, saying it would stop accepting Greek bonds and other collateral used by Greek banks to tap ECB funding, at least until after the review. * The dollar index rose to a one-week high, while the euro hit a fresh two-year trough against the greenback. * Hedge funds and money managers sharply cut their net short position in U.S. copper futures and options in the week to July 17, as investors covered their short positions on uncertainty over additional monetary easing by the Federal Reserve. * Russia's central bank raised its gold holdings by around 200,000 ounces, or 6.2 tonnes, in June, taking its total holdings to 29.5 million ounces, the bank said on Friday. * For the top stories on metals and other news, click , or MARKET NEWS * The euro fell to a near 12-year trough on the yen and plumbed record lows versus its Australian counterpart on Monday, starting the new week under pressure on persistent fears that Spain will eventually need a full sovereign bailout. * U.S. stocks broke a three-day winning streak on Friday as Europe's debt crisis engulfed markets with renewed fears that Spain may be unable to dodge a costly bailout. DATA/EVENTS 1230 US Chicago Fed Nat'l Activity Index June 1400 EZ Consumer confidence July PRICES Precious metals prices 0032 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1580.84 -3.30 -0.21 1.09 Spot Silver 27.20 -0.09 -0.33 -1.77 Spot Platinum 1400.25 -10.20 -0.72 0.52 Spot Palladium 573.75 2.72 +0.48 -12.07 COMEX GOLD AUG2 1580.70 -2.10 -0.13 0.89 2130 COMEX SILVER SEP2 27.18 -0.12 -0.45 -2.63 584 Euro/Dollar 1.2127 Dollar/Yen 78.42 COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Ed Davies)
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