SINGAPORE, Feb 17 (Reuters) - Gold prices rose on
Friday as optimism that Greece may soon secure an urgently
needed bailout buoyed financial markets and helped bullion
recover from a one-week low hit in the previous session.	
    Gold, on course for a weekly rise of 0.8 percent, has moved
in the range between $1,700 and $1,760 since the beginning of
the month, closely tracking the progress and setbacks in
Greece's struggle to obtain a 130-billion euro bailout.	
    Hopes that Greece has finally done enough to secure a second
bailout after Athens set out extra budget savings demanded by
its international lenders helped riskier assets rally in the
last trading day of the week.  	
    Technical signals may have turned upbeat for gold, said Nick
Trevethan, senior commodity strategist at ANZ in Singapore.	
    "We're at the point where we have tried the downside three
or four times in the past two weeks and failed. The frustration
with failure to breach the $1,700-$1,710 level might put the
focus back on resistance," he said.	
    Lofty oil prices on concerns about supply disruption from
Iran are also expected to underpin sentiment in gold, he added.
 	
    Spot gold rose 0.2 percent to $1,732.39 an ounce by
0632 GMT. Gold touched a low of $1,705.09 in the previous
session, lowest since Feb. 10.	
    U.S. gold gained 0.3 percent to $1,734.30.	
    The data from the World Gold Council, showing that global
gold demand in 2011 hit a 14-year high on investment, China
buying and central bank purchases, also supported gold.
  	
    	
    Gold, traditionally a safe-haven asset, has been tracking
riskier assets in the past few months as the turmoil caused by
the euro zone debt crisis forces investors to sell off their
gold positions to cover losses elsewhere.	
    Though there is increased optimism on Greece's bailout deal,
investors remained cautious as the euro zone is hardly out of
the woods and its debt crisis can continue to disrupt the global
financial markets.	
    "This week is the first week in a long run that we have such
tight range," said a Tokyo-based trader, referring to the narrow
range of around $32 for spot gold.	
    "People, especially in Asia have adopted the wait-and-see
attitude. Until Europe decides what to do with Greece things
will be quiet."	
    But he said the longer-term outlook for gold will stay rosy
as the U.S. Federal Reserve has pledged to keep interest rates
low until at least late 2014, boosting inflation outlook and
supporting bullion.	
    Spot silver edged up 0.2 percent to $33.51, off a
three-week low of $32.64 hit in the previous session. The metal
remained the top performer of the complex with a 21 percent
year-to-day climb.	
    Spot platinum gained 0.6 percent to $1,629.74, headed
for a weekly decline of 1.4 percent, after six straight weeks of
gains.	
    Spot palladium was flat at $690.97, but on course for
its biggest one-week drop in six weeks.	
    	

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