* Stronger dollar pares gold price
* Uncertainty over Greek rescue limits bullion downside
* Australia's central bank interest rate decision (0430
GMT)
* Coming up: U.S. March pending home sales (1400 GMT)
* U.S. March factory orders (1400 GMT)
(Adds details, updates prices)
By James Regan
SYDNEY, May 4 (Reuters) - Gold was driven lower on Tuesday
by a stronger U.S. dollar after hitting its highest price this
year overnight, though scepticism over whether a resolution to
Greece's debt crisis has been reached limited the decline.
"Gold is still a good buy and that's being made evident by
its resilience in the face of a rising dollar," said Eagle
Research analyst Keith Goode.
The euro <EUR=> huddled near one-year lows as concerns grew
on whether a rescue package for debt-stricken Greece will work.
The dollar also hovered near 8-1/2-month highs against the
yen, boosted by robust data that backed views that the Federal
Reserve will be ahead of Europe and Japan in raising interest
rates this year.
"The euro is heading towards lower lows," said John Horner,
currency strategist at Deutsche Bank.
Bullion dealers said weakness in the euro could provide
gold with another lift in more active European trading later on
Tuesday following a holiday in Britain on Monday.
Spot gold <XAU=> was quoted at $1,181.45 an ounce versus
Monday's notional close of $1,183.30. Intraday trading on
Monday saw spot bullion climb to a 2010 high of $1,187.41 an
ounce.
U.S. June gold futures <GCM0> dipped to $1,182.40 an ounce
against a close of $1,183.30.
For a technical view of gold prices, click: []
For a technical chart, see:
http://graphics.thomsonreuters.com/gfx/WT_20100305091542.jpg
Gold lost some of its shine after U.S. stocks on Monday
staged a broad rally that drove the S&P 500 to its best day in
two months. Positive U.S. manufacturing, consumer spending and
construction data instilled confidence that the economic
recovery was gaining traction. []
In gold equity markets, Canada's Yamana Gold <YRI.TO>
reported a 62 percent rise in first-quarter revenue on higher
gold prices and rising production.[]
Also, Australia's top gold miner, Newcrest Mining <NCM.AX>,
won over takeover target Lihir gold <LGL.AX> with a sweetened
$8.5 billion takeover offer to create the world's
fourth-largest gold producer. []
In other precious metals, platinum <XPT=> gained $2 over
the New York close to $1,726.00, while palladium <XPD=> dropped
$10 to $541.50 an ounce.
Platinum found support from data showing year-on-year U.S.
auto sales rose in April. []. Platinum is a key
ingredient in vehicle catalytic converters needed to control
emissions.
Precious metals prices at 0239 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1179.40 -2.00 -0.17 7.64
Spot Silver 18.73 -0.04 -0.21 11.29
Spot Platinum 1725.75 5.75 +0.33 17.64
Spot Palladium 541.50 2.50 +0.46 33.54
TOCOM Gold 3581.00 26.00 +0.73 9.88
17217
TOCOM Platinum 5260.00 22.00 +0.42 19.95
3844
TOCOM Silver 57.00 0.60 +1.06 10.25
84
TOCOM Palladium 1664.00 -1.00 -0.06 42.83
138
Euro/Dollar 1.3201
Dollar/Yen 94.91
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Ed Lane)
