SINGAPORE, Feb 28 (Reuters) - Gold traded steady on
Tuesday, trapped in a tight $4 range below $1,770, as a major
cash injection action by the European Central Bank expected
later this week supported sentiment.	
    Gold posted losses in the previous two sessions as the
momentum fizzled after bullion hit a more than three-month high
last week, during which a Greece bailout deal and expectations
of more monetary easing from key economies inspired gold bugs.	
    European banks are expected to guzzle another half a
trillion euros of cheap three-year loans offered by the European
Central Bank on Wednesday, after the funding operation late last
year helped avert a credit crunch in the region.
  	
    "As long as central banks around the world lean towards
further easing, gold will rise further, although $1,800 will be
a key resistance level for the time being," said Li Ning, an
analyst at Shanghai CIFCO Futures.	
    Li said gold could face short-term correction after the
attempt to breach the $1,800 level failed, but $1,750 should
provide firm support.	
    Spot gold was little changed at $1,768.15 an ounce by
0257 GMT. U.S. gold edged down 0.3 percent to $1,769.70.	
    Technical analysis suggested that spot gold could rise
towards $1,797 an ounce during the day, Reuters market analyst
Wang Tao said. 	
    	
    Oil prices dipped for a second straight session, snapping a
recent surge that aided gold prices, while concerns over supply
from the Middle East are expected to stem the slide. 	
    Bullion prices have been supported by inflation concerns
triggered by higher oil prices, but an analyst at INTL FCStone,
Edward Meir, warned that rising crude could also hurt precious
metals by nipping the fragile global recovery.	
    "The soaring cost of energy, while not necessarily being
bearish for gold on the surface, has the potential to hurt the
precious metals group should it start to destabilise other
markets, like US equities," he said in a research note.	
    "Should US economy falter just as most other economies
around the world are decelerating, equity markets could correct
rather sharply, sending the dollar higher, and hurting
commodities in the process."	
    In Asia's physical gold market, buying interest remained
sluggish out of China, while some scrap flow continued in
Southeast Asia, dealers said.	
    "If we stay on this level, there won't be much interest,"
said a Hong Kong-based dealer, adding that premiums on gold bars
stood around $1-$1.50 an ounce above London prices.	
    Spot platinum lost 0.4 percent to $1,693.99 an ounce,
on course for a fourth consecutive session of losses.   	
    South Africa's National Union of Mineworkers (NUM) urged its
members on Monday to accept an offer by Impala Platinum 
to rehire miners at its Rustenburg operation, the scene of a
violent, illegal strike that has pushed platinum prices higher.
 	
    	
     Precious metals prices 0257 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1768.15    1.66   +0.09     13.07
  Spot Silver        35.39    0.03   +0.08     27.81
  Spot Platinum    1693.99   -7.50   -0.44     21.61
  Spot Palladium    701.00   -0.72   -0.10      7.43
  COMEX GOLD APR2  1769.70   -5.20   -0.29     12.95         5930
  COMEX SILVER MAR2  35.40   -0.12   -0.35     26.81         2508
  Euro/Dollar       1.3410
  Dollar/Yen         80.22
  COMEX gold and silver contracts show the most active months

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