PRECIOUS-Gold rebounds; seen to face headwinds in short-term

* Gold market thin on U.S. holiday

* Gold's rebound to end below $1,500 - technicals
 

* Coming up: Euro zone Sentix index for July; 0730 GMT

 (Updates prices) 

By Rujun Shen 

SINGAPORE, July 4 (Reuters) - Gold regained some lost
territory from the previous session on Monday supported by a
weaker dollar, but easing concern about Greece's debt crisis has
diminished gold's appeal as a safe haven in the short term. 

Euro zone finance ministers have approved a 12 billion euro
instalment of Greece's bailout, sending the euro to a one-month
high against the dollar in Asia on Monday. The dollar 
edged down around 0.7 percent against a basket of
currencies.   

Gold dipped below the key support level of $1,500 in the
last session, and faces strong headwinds in the short term,
traders and analysts said. 

"After Greece passed the austerity measures, market
participants will need to find another reason to buy into gold,"
said Ong Yi Ling, an analyst at Phillip Futures. 

"But right now it's hard to find a catalyst for gold prices
to push higher." 

The price outlook for the rest of the year however remains
bullish, supported by the wobbly economic recovery in the United
States, uncertainties in the euro zone's fiscal health, and high
inflation in major fast-growing economies like China and India,
analysts said. 

Spot gold gained half a percent to $1,492.89 an ounce
by 0559 GMT, after losing 1 percent in the previous session. 

U.S. gold GCcv1 rose 0.7 percent to $1,493.40 an ounce. 

Technical analysis also pointed at lack of momentum,
suggesting that gold may end its weak rebound below $1,500 and
resume a preceding fall towards $1,472, said Wang Tao, Reuters
market analyst.  

"There is small buying interest in Asia, but nothing
game-changing," said a Hong Kong-based dealer, "The gold market
will be taking cues from the euro and oil, which are giving some
upside support to bullion." 

Gold is likely to be rangebound between $1,470 and $1,520 in
the next few days, he added. 

Managed money sharply cut their bullish bets in COMEX gold
futures and options, as bullion prices tumbled, futures
regulator Commodity Futures Trading Commission data showed
Friday.  

Holdings in the SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, dropped to two-week low of
1,205.809 tonnes by July 1. 

Activity was thin as the U.S. financial markets are closed
for a public holiday on Monday. 

Supporting market sentiment, about 8,000 workers at
Freeport-McMoran Copper & Gold Inc's Indonesian unit
started a seven-day strike, although Freeport said the strike
would not impact production at Grasberg mine, which it claims to
contain the world's largest single gold reserve.  
 Precious metals prices 0559 GMT
 Metal             Last    Change  Pct chg  YTD pct chg    Volume
 Spot Gold        1492.89    7.09   +0.48      5.17
 Spot Silver        33.96    0.02   +0.06     10.05
 Spot Palladium    758.72    4.72   +0.63     -5.10
 TOCOM Gold       3885.00   -4.00   -0.10      4.18        65282
 TOCOM Platinum   4506.00   34.00   +0.76     -4.05        11935
 TOCOM Silver       88.20   -0.90   -1.01      8.89          389
 TOCOM Palladium  1976.00   27.00   +1.39     -5.77          233
 COMEX GOLD AUG1  1493.40   10.80   +0.73      5.07         7515
 COMEX SILVER SEP1  34.01    0.30   +0.89      9.91         1811
 Euro/Dollar       1.4523
 Dollar/Yen         80.74
 TOCOM prices in yen per gram. Spot prices in $ per ounce.
 COMEX gold and silver contracts show the most active months
 

(Editing by Ed Lane) 

Reuters

Silver

Silver is found in native form, as an alloy with gold (electrum), and in ores containing sulfur, arsenic, antimony or chlorine. Ores include argentite (Ag2S), chlorargyrite (AgCl) which includes horn silver , and pyrargyrite (Ag3SbS3). The principal sources of silver are the ores of copper, copper-nickel, lead, and lead-zinc obtained from Peru, Bolivia, Mexico, China, Australia, Chile, Poland and Serbia.[5] Peru, Bolivia and Mexico have been mining silver since 1546, and are still major world producers. Top silver-producing mines are Proaño / Fresnillo (Mexico), Cannington (Queensland, Australia), Dukat (Russia), Uchucchacua (Peru), San Cristobal (Bolivia) and Greens Creek (Alaska).

Silver ( /ˈsɪlvər/) is a metallic chemical element with the chemical symbol Ag (Latin: argentum, from the Indo-European root *arg- for "grey" or "shining") and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal. The metal occurs naturally in its pure, free form (native silver), as an alloy with gold and other metals, and in minerals such as argentite and chlorargyrite. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining.

Silver has long been valued as a precious metal, and it is used to make ornaments, jewelry, high-value tableware, utensils (hence the term silverware), and currency coins. Today, silver metal is also used in electrical contacts and conductors, in mirrors and in catalysis of chemical reactions. Its compounds are used in photographic film and dilute silver nitrate solutions and other silver compounds are used as disinfectants and microbiocides. While many medical antimicrobial uses of silver have been supplanted by antibiotics, further research into clinical potential continues.
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Gold

Gold is a chemical element with the symbol Au (from Latin: aurum "gold") and an atomic number of 79. Gold is a dense, soft, shiny metal and the most malleable and ductile metal known. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a transition metal and a group 11 element. With exception of the noble gases, gold is the least reactive chemical element known. It has been a valuable and highly sought-after precious metal for coinage, jewelry, and other arts since long before the beginning of recorded history.

The native metal occurs as nuggets or grains in rocks, in veins and in alluvial deposits. Less commonly, it occurs in minerals as gold compounds, usually with tellurium. Gold standards have been the most common basis for monetary policies throughout human history, being widely supplanted by fiat currency only in the late 20th century. Gold has also been frequently linked to a wide variety of symbolisms and ideologies. A total of 165,000 tonnes of gold have been mined in human history, as of 2009.[1] This is roughly equivalent to 5.3 billion troy ounces or, in terms of volume, about 8500 m3, or a cube 20.4 m on a side. The world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry.

Gold resists attacks by individual acids, but it can be dissolved by the aqua regia, so named because it dissolves gold. Gold also dissolves in alkaline solutions of cyanide, which have been used in mining. Gold dissolves in mercury, forming amalgam alloys. Gold is insoluble in nitric acid, which dissolves silver and base metals, a property that has long been used to confirm the presence of gold in items.
Besides its widespread monetary and symbolic functions, gold has many practical uses in dentistry, electronics, and other fields. Its high malleability, ductility, resistance to corrosion and most other chemical reactions, and conductivity of electricity lead to many uses of gold, including electric wiring, colored glass production and even gold leaf eating.
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Gold Price

gold and silver futures prices finished the day session in New York lower on a sharp sell off in crude oil futures prices. Technically related selling was also featured as both gold and silver prices fell below some key near-term support levels. August gold last traded down $10.20 an ounce at $1,519.00. Spot gold last traded down $13.90 an ounce at $1,518.75. July Comex silver last traded down $01.302 at $30.025 an ounce.

.

There is some key economic data coming out of China early this week, and that will be closely watched by the market place. More weak Chinese data would be a bearish factor for the commodity markets, including the precious metals

Precious metals prices started the U.S. session under mild to modest selling pressure, but saw losses extended near midday when crude oil prices fell to their daily lows. Crude oil bulls are fading badly amid reports Saudi Arabia will begin pumping more crude oil in July. Weaker U.S. and China economic data recently is a major bearish fundamental that is pressuring the crude oil market. Overall, crude oil prices remain trapped in a wide, sideways trading range, but are now in the bottom portion of that range. Crude oil has been and will continue to be a leader in the raw commodity market sector
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Daily Gold Price Charts

If you're hoping to sell scrap gold or silver in the form of gold fillings, gold jewelry, a gold tooth, silver fillings, silver jewelry, a silver tooth, silver extracted or gold extracted from an electronic device to a scrap gold and silver buyer, if you want to calculate scrap gold and silver prices per gram to figure out how much you should be selling for. You can figure out the value of scrap gold and silver using the calculation manually. Learn how to find scrap gold prices per gram when you recycle scrap gold through dealers and turn it into cash.
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