Singapore 20/02/2012 - Gold prices climbed during Monday afternoon trading in Asia on improved sentiment after China moved to loosen monetary policy and euro zone leaders moved closer to approving a bailout package for Greece.

Spot gold was quoted at $1,731.10-1,731.90 per ounce, up from the close on Friday at $1,723.56. Silver edged higher to $33.49-33.54 from the previous session's close at $33.28.

On the SHFE, the June gold contract last traded 353.73 yuan per gram ($1,754.36 per ounce), up from the close on Friday at 353.34.

The People's Bank of China announced on its website Saturday that bank reserve requirements will fall 50 basis points effective February 24. The move to spur economic growth improved investor appetite for risky assets such precious metals, while concerns about inflation benefitted gold in particular.

"The rise in risk appetite and softer dollar have given the precious metals an initial lift," FastMarkets analyst James Moore said. "Thin cautious trade will likely see the range trade continue with players closely monitoring the Eurozone debt negotiations for the next leg for risk direction."

Spot platinum was quoted at $1,642-1,651 per ounce, up from the close on Friday at $1,633. Palladium climbed to $684-700 from the previous session's close at $686.48.

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