Feb 15 (Reuters) - U.S. gold and copper futures climbed on Wednesday on a weaker dollar against the euro and economic optimism based on expectations that Greece may avert a default. FUNDAMENTALS * U.S. gold futures rose, influenced by the weaker dollar and firmer base metals as the market leant toward its commodity-specific properties. * Hedge fund manager and long-time gold bull John Paulson cut his gold ETF bullion holdings by about $600 million in the fourth quarter, a second straight reduction that was likely driven by client redemption needs as he remained upbeat on the metal. * Copper futures climbed on better demand expectations, boosted by positive comments from China on the euro zone debt crisis and cautious expectations that Greece may be able to avert a messy default. ECONOMY * U.S. Federal Open Market Committee releases minutes from its Jan. 24-25 meeting, 2 p.m. EST (1900 GMT). * New York Federal Reserve releases its Empire State Manufacturing Survey for February, 8:30 a.m. EST (1330 GMT). * U.S. Federal Reserve releases industrial production and capacity utilization data for January, 9:15 a.m. EST (1415 GMT). * U.S. National Association of Home Builders/Wells Fargo issues February housing market index, 10 a.m. EST (1500 GMT). * The euro zone economy shrank at the end of 2011 and will flirt with a mild recession under the weight of the sovereign debt crisis, data showed, but strength in France and resilience in Germany may keep it above water. MARKETS * The rally in riskier assets such as the euro and equities resumed on Wednesday on hopes a growing flood of money from major central banks will support growth as data showed the euro zone's debt-laden economy headed for a recession. * Oil rose to $119 a barrel as real and threatened supply disruptions outweighed concerns about the health of the global economy.

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