Singapore 30/03/2012 - Gold prices firmed during Friday afternoon trading in Asia as the euro made gains against the dollar ahead of a eurozone finance ministers' meeting that may nearly double the bailout capacity of the single currency bloc.

Spot gold was quoted at $1,662.85-1,663.10 per ounce, up from the close on Thursday at $1,660.55. Silver edged higher to $32.33-32.39 from yesterday's close at $32.25.

On the SHFE, the June gold contract last traded at 340.20 yuan per gram ($1,674.83 per ounce), a slight increase from the previous session's close at 399.97.

The euro got a boost from positive expectations that the upcoming eurozone meeting would provide the zone's "firewall" against its debt crisis with a lending capacity of as much as 940 billion euros, up from 500 billion euros currently.

The euro climbed as high as 1.3377 against the dollar, up from yesterday's close at 1.3303.

"Precious metals remain vulnerable to pressure in the short term, with a breach of $1645 in gold and $1656 in platinum triggering a deeper correction," FastMarkets analyst James Moore said. "However, the metals have so far held key support levels and may look to turn higher should agreement to increase eurozone fiscal firewall bolster risk appetite."

Spot platinum was quoted at $1,640-1,650 per ounce, up from the close on Thursday at $1,632. Palladium was steady at $643-659 from yesterday's close at $645.02.

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