SINGAPORE, March 23 (Reuters) - Gold prices were little
changed on Friday and on track 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.
  	
    Economic and political turmoils usually benefit gold given
its appeal as a safe-haven asset, but a global crisis can easily
plunge gold, together with riskier assets.	
    Gold has lost 2.8 percent so far this month after hopes were
dashed on further monetary easing from the U.S. central bank and
investors turned to chase higher-yielding assets with U.S.
Treasury yields at multi-month highs. 	
    "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 $1,645.15 an ounce by
0656 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 $1,645.20.	
    Technical analysis suggested that spot gold might rebound to
$1,669.40 an ounce during the day, Reuters market analyst Wang
Tao said. 	
    	
    Investors are closely watching for signs of end-quarter fund
flow, wary that large-scale redemption by hedge funds could
further depress prices in the last week of March.	
    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. 	
    Among other precious metals, spot silver edged down
0.1 percent to $31.52 an ounce, on course for a 3-percent weekly
decline.	
    "Buying demand isn't bad, but smelters are unwilling to sell
at the current price level," said a Shanghai-based trader.	
    The gold-silver ratio, a gauge of how many ounces of silver
are needed to 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 gained 0.6 percent to $1,624.45, headed
for a weekly slide of 2.7 percent, its biggest weekly loss in
three months.	
    Spot palladium rose nearly 1 percent to $654.95, also
on course for its sharpest one-week fall since late December,
with a 6.3-percent decline.	
    	
    Precious metals prices 0656 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1645.15    0.27   +0.02      5.20
  Spot Silver        31.52   -0.03   -0.10     13.83
  Spot Platinum    1624.45   10.40   +0.64     16.62
  Spot Palladium    654.95    6.20   +0.96      0.38
  COMEX GOLD APR2  1645.20    2.70   +0.16      5.00        14950
  COMEX SILVER MAY2  31.55    0.20   +0.64     13.00         2787
  Euro/Dollar       1.3197
  Dollar/Yen         82.80

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