SINGAPORE, Feb 15 (Reuters) - Gold hovered in a tight
range around $1,720 an ounce on Wednesday as investors hesitated
to make big bets because Greece has yet to convince European
leaders of its ability to stick to unpopular reforms needed to
secure a bailout.	
    	
    FUNDAMENTALS	
    * Spot gold was little changed at $1,719.59 an ounce
by 0048 GMT.	
    * U.S. gold edged up 0.2 percent to $1,721.90.	
    * Euro zone finance ministers dropped plans on Tuesday for a
special face-to-face meeting on Greece's new international
bailout, saying political party chiefs in Athens had failed to
provide the required commitment to reform. 	
    * Hedge fund manager and long-time gold bull John Paulson
cut his gold ETF bullion holdings by about $600 million in the
fourth quarter, a second straight reduction that was likely
driven by client redemption needs as he remained upbeat on the
metal. 	
    * U.S. retail sales in January fell short of expectations,
but still picked up after a sluggish December, providing a firm
foundation for the economy's recovery. 	
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    MARKET NEWS	
    * U.S. stocks erased losses to end little changed on Tuesday
after a Greek government source said the conservative party
leader was expected to deliver a letter of commitment to the
country's international lenders. 	
    * The euro was little changed on Wednesday after Moody's
downgraded six European countries and warned it may cut three
others' ratings. 	
    	

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