SINGAPORE, March 22 (Reuters) - Gold prices were little
changed on Thursday, hovering around $1,650 an ounce, as
investors weighed a recent improvement in the U.S. economy
against the continuing shrinkage of Chinese manufacturing
activities.	
    Bullion prices have fallen more than 2 percent so far this
month, after the U.S. Federal Reserve dashed hopes for further
asset purchases in its latest policy statement and recent data
showed the U.S. economic recovery was on track.	
    But some economists said the global economy remains
vulnerable this year, as the euro zone debt crisis faces the
risk of resurgence, the U.S. recovery is still in a early stage
and China faces slower growth.  	
    Economic uncertainties usually benefit gold as a safe haven
asset, but a global crisis could easily cause a plunge in the
precious metal, together with other financial assets.	
    China's manufacturing activity shrank in March for a fifth
straight month, with the overall rate of contraction
accelerating and new orders sinking to a four-month low, the
HSBC flash purchasing managers index showed. 
 	
    Investors are waiting for the euro zone PMI data due later
today, to gauge how the economy has fared after Greece managed
to avert a chaotic default earlier in the month.	
    "A lot of people are on the sidelines at the moment," said
Yuichi Ikemizu, head of commodity trading, Japan, at Standard
Bank.	
    "We saw some bearish signs, but the market seems to be
holding well. The upside at $1,800 is still looking quite heavy,
and investors are waiting for a cue."	
    Spot gold was little changed at $1,649.49 an ounce by
0622 GMT, down from an intra-day high of $1,656.01 hit in the
early hours. U.S. gold was nearly flat at $1,649.50.	
    Technical analysis suggested that spot gold may remain
neutral in the range of $1,643 to $1,671 during the day, Reuters
market analyst Wang Tao said. 
    	
    	
    	
    PHYSICAL MARKET MUTED	
    Asia's physical market was muted, with the narrow price
range drying up interest from both buyers and sellers, traders
said. The lacklustre China data also fanned concerns about
China's retail gold appetite.	
    "People are concerned about China's economic growth. If
growth slows down and inflation eases, people may choose not to
buy gold," said a Hong Kong-based gold dealer.	
    "We have been range bound for a while and people are looking
at the possibility of breaking lower rather than higher."	
    Gold has been stuck in a range between roughly $1,635 to
$1,670 over the past week.	
    In India, the world's largest gold consumer, jewellers were
closed for a fifth day on Wednesday in protest against an import
duty hike on bullion. 	
    The recent economic optimism helped platinum, which usually
moves in tandem with riskier assets, regain its premium over
gold earlier in the month. But the spread flipped to a discount
again this week, with gold standing $16 above platinum.	
    Spot platinum traded down 0.2 percent to $1,630.69 an
ounce, and spot palladium edged up to $682.17. 	
    	
    Precious metals prices 0622 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1649.49   -0.46   -0.03      5.48
  Spot Silver        32.10   -0.02   -0.06     15.93
  Spot Platinum    1630.69   -2.79   -0.17     17.06
  Spot Palladium    682.17    1.64   +0.24      4.55
  COMEX GOLD APR2  1649.50   -0.80   -0.05      5.28        18478
  COMEX SILVER MAY2  32.10   -0.13   -0.39     14.99         2426
  Euro/Dollar       1.3240
  Dollar/Yen         83.29

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