gold prices

Spot gold made it movements near the level of $1,600 Thursday as investors are waiting for the outcome of a euro zone summit whereas concerns over the US debt ceiling still support the growth.

European Union leaders will meet later in the day to seek a convincing solution to Greece's debt crisis. Failure to reach agreement could cause economic damage to the global economy, the head of the European Commission warned.

The gold market is likely to wait for direction as investors watch for the outcome of the meeting, as well as progress in the U.S. deficit talks.

Gold prices eased slightly on Wednesday as markets are expecting positive outcome for Thursday's euro zone summit as well as US debt ceiling issue.

Spot gold thus declined by 0.1% to $1,586.56 an ounce at 0913 GMT. U.S. gold futures GCv1 for August delivery were down $13.90 an ounce at $1,587.20.

On concerns over euro zone debt and debt crisis in the US gold experienced 11-session rally, longest in 40 years, moving up to $1,609.51 an ounce.

Gold moved higher during Thursday trades further accumulating its gains boosted by inflation concerns which prompt central banks to raise their interest rates.

China hiked rates by 25 basis points on Wednesday, and the European Central Bank is expected to follow suit later on Thursday.

"The rate move reignited the inflation issue and people started to think that it is more of an issue than expected," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.

On Monday gold increased by 0.5% as investors decided to benefit from the lowered prices while expecting the euro to further advance against the US dollar.

Spot gold was quoted at $1,494.59 an ounce at 1138 GMT compared to $1,485.80 late in New York on Friday. U.S. gold futures for August delivery rose $12.60 an ounce to $1,495.20.

Greece last week approved austerity measures needed for it to access another tranche of funding from the European Union and IMF, sparking a relief rally in some assets seen as higher risk, and weighing on gold.

Gold prices leveled on Friday after dropping 2% in the previous session supported by concerns over Greece's ability to remain solvent.

At 0928 GMT spot gold traded at $1,521.00. But while gold looked vulnerable according to the charts, analysts said the high level of uncertainty would stem any steeper sell-offs.

"Technically, it doesn't look ideal, but even if we breach $1510, at $1,480. we'll stop. I can't see people liquidating gold right now with everything that is happening," said VTB Capital analyst Andrey Kryuchenkov.

Gold appreciated on Monday having reached its biggest one-day gain in three weeks in the previous session, as the U.S. dollar lost ground and equities firmed on hopes of progress on Greece's debt crisis.

Spot gold added $1.40 to $1,539.80 an ounce by 0028 GMT after rising above $1,541 on Friday. Gold is still below a lifetime high around $1,575 touched in early May.

Silver was steady at $36.00 an ounce, below a record at $49.51 an ounce in April.

Gold prices recovered from biggest one-day loss in a month in the previous session on concerns over another global economic slowdown, but declining US dollar along with bargain hunting by jewelers provided some support.

While industrial metals priced in expectations of a cooling Chinese economy, dealers see no change in China's appetite for bullion. Investors were awaiting a trail of U.S. data later in the day which could set the tone for commodities.

On Friday spot gold continued its steady pace as the US dollar regained its losses from a month low and investors moved to the sidelines ahead of the release of closely-watched U.S. non-farm payrolls.

Moody's threatened to cut the top-notch credit rating of the United States if the White House and Congress do not make progress by mid-July in talks to raise the U.S. debt limit, which sent the dollar index to its lowest since early May.

The index however steadied in later Asian trade, up 0.08 percent to 74.392 at 0616 GMT.

On Thursday the prices for spot gold remained steady after it sharply surged in the previous session on Moody’s downgrade for Greece and week US economic report.

Fears mounted that the U.S. economy may be running out of steam as data showed that companies hired far fewer workers than expected in May and output in the manufacturing sector hit its lowest level since 2009.

"We've recently seen a lot of worse-than-expected economic data," said Ong Yi Ling, an analyst at Phillip Futures, "The economic uncertainty will keep gold underpinned."

Gold prices declined Monday on stronger dollar as fears about the euro zone debt crisis deepened ahead of the bloc's finance ministers' meeting, which has been overshadowed by the arrest of the International Monetary Fund chief.

The euro slid to a six-week low against the dollar after Dominique Strauss-Kahn was charged with sexual assault, increasing uncertainty on aid for Greece and other indebted euro zone countries. The dollar index , a measure of the greenback's strength against a basket of currencies, advanced to its highest since early April.

Gold lose its early gains and traded nearly flat on Friday as the US dollar surged up and expectations mounted that U.S. inflationary pressures eased in April.

Silver was also stationary after bouncing off a sharp fall overnight that shaved nearly 3 percent off the price at one point.

Headline consumer price index data out later on Friday is expected to show a more subdued rise of 0.4 percent versus 0.5 percent in March, according to a Reuters poll , reducing gold's appeal among investors seeking an inflation hedge.

Wednesday COMEX silver declined for a third consecutive session and gold depreciated as precious metals were pressed to even after a strong rally in the last few weeks.

However, the overall trend in gold and silver remain bullish, as concerns on rising global inflation, unrest in the Middle East and North Africa, and low U.S. interest rates drive investors to park their value in precious metals.

Gold hit record highs in 11 out of past 14 sessions and spot silver has surged more than 20 percent since mid-April to a 31-year high just below $50 on April 28.

Bullion surged to record highs Thursday as the dollar's three-year low against a basket of major currencies attracted non-U.S. investors, after the United States signaled it would retain accommodative monetary policy.

Spot gold XAU= ascended to a lifetime high of $1,535.90 an ounce, breaking records for a second straight session. It traded at $1,534.85 an ounce at 1413, up from $1,526.40 late in New York on Wednesday.

At the precious metal markets silver regained its losses from the previous sessions and gold also moved higher supported by a dollar near 2-1/2-year lows as investors await the outcome of a two-day meeting of the U.S. Federal Reserve for clues to monetary policy.

Spot gold gained 0.5 percent to $1,508.96 an ounce by 0033 GMT.

U.S. gold futures GCv1 edged up 0.4 percent to $1,510.

Spot silver rebounded 1 percent to $45.96, after posting a 3 percent decline on Tuesday, its largest daily loss in six weeks.

Gold kept its level above $1,500 on Thursday after hitting record highs for four consecutive sessions, boosted by inflation worries and sovereign debt woes.

Spot gold gained 0.4 percent to $1,503.45 an ounce by 0014 GMT.

U.S. gold futures GCcv1 also rose by 0.4 percent to $1,504.10.

U.S. home resales volumes bounced back in March, a hopeful sign for recovery in the housing market, but prices continued to decline.

Precious metals prices 0014 GMT