SINGAPORE, Feb 16 (Reuters) - Gold weakened on
Thursday, tracking a weaker euro, as hopes of solving Greece's
crisis dimmed, with the euro zone pondering a delay of the
bailout for the debt-ridden nation.	
    Spot gold rallied 1 percent at one point on Wednesday on
expectations of a solution for the Greek crisis, but sentiment
soured after news that euro zone finance officials were
considering delaying parts, or even all, of a second bailout
program for Greece. 	
    Spot gold lost 0.6 percent to $1,717.91 an ounce by
0617 GMT on Thursday, reversing gains in the previous session.	
    U.S. gold fell half a percent to $1,719.70.	
    Investors are keenly watching the twists and turns of
Greece's struggle to convince its international lenders to grant
an urgently needed bailout to avoid a messy default.	
    Gold prices have been moving between $1,700 and $1,730 an
ounce so far this week, unable to break the range as the
uncertainty sapped trading interest.	
    "Things will get resolved, but it is going to be a slow
process and it will continue to be frustrating for investors,"
said Jeremy Friesen, commodity strategist at Societe Generale in
Hong Kong.	
    Market participants will closely watch a ministerial Europe
group meeting on Feb. 20, during which Greece hopes to secure
the bailout, even though European officials said Athens still
has questions to answer. 	
    Technical signals remained bearish for gold in the near
term. Spot gold could fall towards $1,701 an ounce during the
day, said Reuters market analyst Wang Tao. 	
    Global gold demand struck a 14-year high in 2011, driven by
record investment demand, buying in China and purchase by
central banks, said the World Gold Council in a report.
 	
    	
    Spot silver, the front-runner of the precious metal
complex, fell 0.6 percent to $33.18 an ounce. It has risen
nearly 20 percent so far this year, beating gold's 10-percent
ascent.	
    Silver fell to a one-week low in the previous session,
following the tumble in base metals, as the murky situation in
Europe dimmed prospects of industrial demand for metals.	
    "Industrial demand in China is probably flat, if not
slightly lower, compared to the same time in the past few
years," said a Shanghai-based trader.	
    Though expectations of further monetary easing from key
central banks around the world, and the consequential rising
inflation outlook, could benefit gold and other precious metals,
the uncertain economic picture may put pressure on those with
industrial applications, such as silver, platinum and
palladium. 	
    Spot platinum hit a one-week low at $1,614 an ounce,
and recovered to $1,614.50. 	
    The rising tensions between Iran and the West could
potentially support safe-haven interest in gold. 	
    	

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