SINGAPORE, March 23 (Reuters) - Gold prices was little
changed on Friday and were set for their fourth-straight week of
losses, after weak economic data from China and the euro zone
sent bullion to a two-month low in the previous session.	
    Surveys showed shrinking manufacturing activity in China and
an unexpected turn for the worse in the euro zone economy in
March, fanning worries of faltering growth in these regions.
  	
    The traditional perception of gold as a so-called safe-haven
asset has been shifting in recent months, with the economic
crisis in Europe hurting demand for the metal.	
    It has also been hit by U.S. Treasury yields climbing to
multi-month highs and an increase in the cost of dollar funding.
 	
    "It seems that funds have been trying to re-allocate their
assets," said Peter Tse, director at ScotiaMocatta in Hong  
Kong.	
    "With U.S. interest rates higher, holding metals will be a
little more expensive and people will try to scale down their
positions."	
    Tse expects gold to test its overnight low of $1,627.68 in
the next few sessions, as the overall trend remains bearish.    	
    Spot gold was little changed at $1,645.99 an ounce by
0300 GMT, on course for its fourth consecutive week of losses,
with a 0.5-percent decline.	
    U.S. gold edged up 0.2 percent to $1,646.10.	
    Technical analysis suggested that spot gold might rebound to
$1,669.40 an ounce during the day, said Reuters market analyst
Wang Tao. 	
    	
    Weighing on market sentiment, SPDR Gold Trust, the
world's largest gold-backed exchange-traded fund, said its
holdings fell 0.59 percent, or 7.553 tonnes, to 1,282.69 tonnes
on Thursday. That marked the biggest one-day drop in tonnage
terms in three months. 	
    The reduction of gold ETF positions by hedge fund manager
John Paulson in late December helped drive bullion prices as low
as $1,521.94, down 21 percent from an all-time high above $1,920
hit last September. 	
    Meanwhile, spot silver was barely moved at $31.54 an
ounce, on course for a 3.1 percent weekly decline.	
    The gold-silver ratio, a gauge of how many ounces of silver
buy an ounce of gold, rose to 52.2, its highest level since the
end of January. The average in the past 30 years stands at just
below 64.	
    Spot platinum inched up 0.4 percent to $1,619.94,
headed for a weekly slide of nearly 3 percent, its biggest
weekly loss in three months.	
    Spot palladium rose 0.3 percent to $650.95, also on
course for its sharpest one-week fall since late December, with
a 6.9-percent decline.	
    	
    Precious metals prices 0300 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1645.99    1.11   +0.07      5.26
  Spot Silver        31.54   -0.01   -0.03     13.90
  Spot Platinum    1619.94    5.89   +0.36     16.29
  Spot Palladium    650.95    2.20   +0.34     -0.24
  COMEX GOLD APR2  1646.10    3.60   +0.22      5.06         8461
  COMEX SILVER MAY2  31.55    0.21   +0.65     13.02         2030
  Euro/Dollar       1.3202
  Dollar/Yen         82.89

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