SINGAPORE, Feb 28 (Reuters) - Gold inched higher on
Tuesday after two sessions of straight losses, ahead of a major
cash injection by the European Central Bank expected later this
week, and a weaker dollar lent support. 	
    Gold prices climbed about 3 percent last week, as the Greece
bailout deal and expectations of more monetary easing by key
economies inspired gold bugs, but the momentum fizzled after
gold hit a three-month high and failed to breach a key technical
level.	
    The expectations of another batch of three-year, ultra-cheap
loans offered by the ECB on Wednesday, which could fuel risk
appetite, warmed market sentiment to a quiet simmer, helping
Asian equities as well as the euro.
    	
    The greenback inched down against a basket of currencies
, drawing buyers holding other currencies to
dollar-denominated commodities.	
    "As long as central banks around the world lean towards
further easing, gold will rise further, although $1,800 will be
a key resistance level for the time being," said Li Ning, an
analyst at Shanghai CIFCO Futures.	
    Li said gold could face short-term correction after the
attempt to breach the $1,800 level failed, but $1,750 should
provide firm support.	
    Spot gold edged up 0.3 percent to $1,771.96 an ounce
by 0643 GMT, off a three-month high of $1,787.11 hit last week.	
    U.S. gold was little changed at $1,773.80.	
    Technical analysis suggested that spot gold could rise
towards $1,797 an ounce during the day, Reuters market analyst
Wang Tao said. 	
    
    	
    
    GOLD-SILVER RATIO	
    The gold-silver ratio, a gauge of how many ounces of silver
can buy an ounce of gold, dropped to just above 49, its lowest
in about four months, as silver led the precious metals complex
with a dazzling 28-percent year-to-date rally, compared with
gold's 13-percent gain.	
    Spot silver gained 0.4 percent to $35.49 an ounce,
and has the potential to rise further if risk appetite continues
to improve, traders said.	
    Oil prices dipped for a second straight session, snapping a
recent surge that aided gold prices, while concerns over supply
from the Middle East are expected to stem the slide. 	
    Bullion prices have been supported by inflation concerns
triggered by higher oil prices, but an analyst at INTL FCStone,
Edward Meir, warned that rising crude could also hurt precious
metals by nipping the fragile global recovery.	
    "The soaring cost of energy, while not necessarily being
bearish for gold on the surface, has the potential to hurt the
precious metals group should it start to destabilise other
markets, like US equities," he said in a research note.	
    In Asia's physical gold market, buying interest remained
sluggish out of China, while some scrap flow continued in
Southeast Asia, dealers said.	
    "If we stay on this level, there won't be much interest,"
said a Hong Kong-based dealer, adding that premiums on gold bars
stood around $1-$1.50 an ounce above London prices.	
    Spot platinum was little changed at $1,702.74 an
ounce, on course for a fourth consecutive session of decline,
after South Africa's National Union of Mineworkers urged its
members to accept an offer by Impala Platinum to rehire
miners at its Rustenburg operation, the scene of a violent,
illegal strike. 	
    	
   Precious metals prices 0643 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1771.96    5.47   +0.31     13.31
  Spot Silver        35.49    0.13   +0.37     28.17
  Spot Platinum    1702.74    1.25   +0.07     22.24
  Spot Palladium    698.78   -2.94   -0.42      7.09
  COMEX GOLD APR2  1773.80   -1.10   -0.06     13.21        11258
  COMEX SILVER MAR2  35.51   -0.02   -0.05     27.19         3722
  Euro/Dollar       1.3437
  Dollar/Yen         80.52

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