RTRS:PRECIOUS-Gold ticks down on dollar; debt worries support
SINGAPORE (Reuters) - Spot gold ticked lower on Friday under the weight of a slightly higher dollar, but worries about the ongoing debt crisis in the euro zone are likely to keep sentiment in gold market underpinned.
Platinum group metals built on recent gains, supported by the outlook for demand recovery from the automobile industry after the Japan earthquake as well as a potential supply disruption in South Africa.
The European Central Bank on Thursday signalled a July rate hike as expected, but raised the stakes in its stand-off with governments over a new bailout for Greece by rejecting any form of debt restructure.
The euro struggled to retain its footing as fears on Greece's debt problems dominated, while the dollar edged higher against a basket of currencies.
the lack of an immediate solution for Greece's debt crisis is likely to keep gold sentiment underpinned, as investors seek a safe haven in bullion during times of economic and political uncertainty.
Investors are also waiting for cues from the U.S. Federal Reserve on whether it would employ further stimulus measures after the expiration of the $600 billion bond buying programme this month, after recent data showed signs of stalling growth.
Spot gold traded in a range of about $5, and was quoted at $1,541.39 by 0526 GMT, down 0.1 percent from the previous close. It was on course for a 0.4 percent gain from a week earlier.
