June 15, 2012 / 4:15 AM / 6 years ago

PRECIOUS-Gold up for 6th day, US data boosts easing hopes

* Gold on 6th day of gains, longest winning streak since Aug
    * Eyes on Greek election; Spain and Italy risks high
    * U.S. jobless claims rose for fifth time in six weeks
    * Coming up: U.S. industrial production, May; 1315 GMT

 (Adds details; updates prices)	
    By Rujun Shen	
    SINGAPORE, June 15 (Reuters) - Gold climbed for a sixth
straight session on Friday, as more data pointed to a slower
U.S. recovery, opening the door wider for the Federal Reserve to
ease further, which would help burnish gold's appeal as an
inflation hedge. 	
    Bullion has also seen some safe-haven inflows in recent days
due to the rising risk of financial market turmoil in the event
of a messy Greek exit from the euro zone bloc.	
    Many investors were on the sidelines ahead of Greece's vote
on Sunday that could determine its future in the bloc.   
Authorities in the world's major economies are preparing for a
possible market storm or public panic after the elections should
radical leftists win. 	
    "It probably won't be a catastrophic weekend, though from a
risk/reward perspective I think people are steering clear of
markets where they can," said a Singapore-based trader.	
    Spot gold rose 0.2 percent to $1,624.86 an ounce by
0632 GMT and has put on some 2 percent over the past six
sessions, its longest winning streak since August. The U.S. gold
futures contract for August delivery gained 0.4 percent
to $1,626.	
    New claims for U.S. state jobless benefits rose for the
fifth time in six weeks and consumer prices fell in May, data
    Spanish benchmark bond yields rose above the dangerous 7
percent level on Thursday, while Italy's bond auction on
Thursday met with better-than-expected demand though borrowing
costs rose sharply. 	
    "The more pressing issue is the bigger economies that really
matter -- Spain and Italy, which have serious problems that are
reflected in bond market yields," said Dominic Schnider, an
analyst at UBS Wealth Management in Singapore.	
    "The high yields indicate we need to see dramatic reforms,
and here the big risks lie."	
    Spot platinum rose to a one-month high of $1,498.5,
breaching its 50-day moving average at around $1,495. The metal
traded up 0.4 percent at $1,491.99, headed for a weekly rise of
almost 5 percent.	
    The gold-platinum spread stood near its 2-1/2-week low, at
$133.20 an ounce, down 30 percent from a five-month high above
$190 hit this month.	
    Spot palladium hit $639.25, its highest since early
May. It was up 1.2 percent at $637.72, poised for a 4.8 percent
climb on the week. 	
    Platinum group metals got a lift from data showing strong
growth in China's car sales in May. 	
 Precious metals prices 0632 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1624.86    2.56   +0.16      3.90
  Spot Silver        28.72    0.13   +0.45      3.72
  Spot Platinum    1491.99    5.46   +0.37      7.11
  Spot Palladium    637.72    7.84   +1.24     -2.27
  COMEX GOLD AUG2  1626.00    6.40   +0.40      3.78        10589
  COMEX SILVER JUL2  28.69    0.28   +1.00      2.78         2973
  Euro/Dollar       1.2630
  Dollar/Yen         78.87
  COMEX gold and silver contracts show the most active months
 (Editing by Edwina Gibbs)

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