SINGAPORE, March 7 (Reuters) - Gold regained some
ground on Wednesday as jewellers in Asia snapped up the metal
after prices dropped 2 percent in the previous session, while
lingering fears about a possible Greek default sent investors
scurrying to buy the dollar.	
    Worries that Greece may not secure a deal with private
creditors to cut its debt by the Thursday deadline spurred
selling in shares, but pressure on gold was offset by a bounce
in the euro and physical offtake. 	
    Spot gold added $1.76 to $1,675.70 per
ounce by 0607 GMT, having hit a low of $1,663.95 on Tuesday, the
weakest since Jan. 25. Bullion struck a record around $1,920 per
ounce last September.	
    "Basically gold and other risky assets are all being lumped
together. Nobody is really looking at individual fundamentals.
They are just buying the dollar and pretty much selling
everything else," said Nick Trevethan, a senior commodity
strategist at ANZ in Singapore. 	
    "The markets are very worried about risk, and for the time
being, gold has been painted as a risk asset. The downside
potential for gold is $1,650-$1,660. I am not sure if it's going
to happen today as we are starting to see decent physical buying
at these lower numbers." 	
    U.S. gold for April delivery rose 0.26 percent to 	
$1,676.50 per ounce.      	
    Silver tracked gold higher, while platinum and
palladium also rebounded from Tuesday's lows.
    INVESTORS GROW RISK AVERSE
    Shares in Asia slipped for a third consecutive session on
Wednesday as investors grew more risk averse, with uncertainty
over Greece's bailout and mounting worries about slowing global
economies overshadowing support provided by ample liquidity.
 	
    The euro stood at $1.3141, having struck a three-week
low at $1.3101. A clutch of Greek pension funds and some foreign
investors are still holding back on the bond swap deal,
prompting Athens to warn it will force losses on those who do
not sign up.  	
    "There's bargain-buying. Jewellery makers are still buying,
but they are not that aggressive. Premiums for gold bars are now
at $1 to $1.50 because of the purchases," said a dealer in Hong
Kong, who offered gold bars at around $1 last week.	
    "I think the market is waiting for U.S. non-farm payroll
data for clues on whether the United States will launch QE3,"
said the dealer, referring to a possible third bond-buying
programme to lower interest rates. 	
    But the U.S. economy probably recorded a third month of
solid job gains in February, which could further reduce the
chances of additional monetary stimulus from the U.S. Federal
Reserve. 	
    The Labor Department is due to release the February
employment report on Friday at 8:30 a.m. EST (1330 GMT)	
    In Singapore, physical dealers also noted buying from
jewellers in the region. 	
    "Indonesia continues to buy gold in small volumes and we saw
good buying from the Far East last night," said a dealer in
Singapore, who offered bullion at premiums of 70 cents to $1 to
London prices. 	
    In the energy market, Brent crude climbed above $122 on
Wednesday after China said it would boost energy imports this
year while concerns persist over supply risks and Iran's nuclear
program, despite the country's offer for talks with major
powers. 	
       	
  Precious metals prices 0607 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1675.70    1.76   +0.11      7.16
  Spot Silver        32.88   -0.03   -0.09     18.74
  Spot Platinum    1620.24   11.25   +0.70     16.31
  Spot Palladium    670.22    6.50   +0.98      2.72
  COMEX GOLD APR2  1676.50    4.40   +0.26      7.00        13618
  COMEX SILVER MAY2  32.95    0.17   +0.51     18.04         2485
  Euro/Dollar       1.3143
  Dollar/Yen         80.71
 

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