SINGAPORE, March 7 (Reuters) - Gold regained some
ground on Wednesday, after falling 2 percent in the previous
session as worries about a possible Greek default resurfaced,
but dealers expected bargain hunters and jewellers to snap up
the metal at current levels.	
       	
    FUNDAMENTALS	
    * Spot gold hardly changed at $1,673.86 an ounce by
0025 GMT after hitting a high at $1,675.50. It had dropped as
low as $1,663.95 on Tuesday, its weakest since Jan. 25. 	
     * U.S. gold for April delivery rose $2.50 to
$1,674.60 an ounce.        	
     * Athens turned up the heat on its creditors on Tuesday as
it sought to secure a bond swap that will cut its mountainous
debt, while the main bondholders group warned a disorderly
default would cause more than a trillion euros of damage to the
euro zone. 	
     * Hong Kong shipped 32,948 kg of gold to mainland China in
January, down 15 percent from the previous month, the Hong Kong
Census and Statistics Department said on its website, reflecting
slower sales during the Lunar New Year holiday. 	
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    MARKET NEWS	
    * Commodity currencies like the Australian dollar nursed
heavy losses for a second session in Asia on Wednesday, while
the euro also looked wobbly as renewed worries about Greece hit
a market already fretting over China's slower growth target.
 	
    * Japan's Nikkei share average fell 1.1 percent in early
trade on Wednesday on fresh concerns over slowing global growth
after Brazil reported weak growth for 2011 and fears that Greece
may not meet its deadline for debt restructuring.  	
    * Oil prices retreated on Tuesday as data showing a
shrinking euro zone economy fueled fears of curbed demand for
petroleum, while news that major powers accepted Iran's offer
for more talks on its nuclear program eased concerns about
supply disruptions. 	
         	
    DATA/EVENTS	
    0030  Australia GDP yy Final   Oct 2011         
 	
    1130  India     M3 Money Supply                 
 	
    1200  Brazil    Industrial output yy  Jan 2012   
 	
    1315  U.S.   ADP national employment Feb         
 	
    1330  U.S.   Productivity            Q4         
 	
    1330  U.S.   Labor costs             Q4         
 	
    2000  U.S.   Consumer credit         Jan        
 	
       	
    PRICES      	
  Precious metals prices 0025 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1673.86   -0.08   -0.00      7.04
  Spot Silver        32.85   -0.06   -0.18     18.63
  Spot Platinum    1606.24   -2.75   -0.17     15.31
  Spot Palladium    664.22    0.50   +0.08      1.80
  COMEX GOLD APR2  1674.60    2.50   +0.15      6.88         2062
  COMEX SILVER MAY2  32.90    0.12   +0.36     17.86          296
  Euro/Dollar       1.3120
  Dollar/Yen         80.61

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