SINGAPORE, April 14 (Reuters) - Gold hovered below $1,200 an ounce on Tuesday after slipping nearly 1 percent the session before, pressured by the possibility that U.S. interest rates could rise in the near term.
FUNDAMENTALS
* Spot gold XAU= was little changed at $1,198.20 an ounce at 0023 GMT.
* U.S. gold for June delivery GCcv1 was steady at $1,198.30 an ounce.
* Recent comments from Federal Reserve officials suggest the U.S. central bank has not ruled out the chance of raising interest rates by June even as some analysts doubt that possibility amid signs of renewed economic weakness. ID:nL2N0X70Z7 ID:nL2N0XA01K
* A U.S. rate increase which would be the first in nearly a decade dims the appeal of assets such as gold which does not pay interest.
* Still, spot gold has not fallen too far off a seven-week top above $1,220 reached last week, indicating bulls were ready to push prices higher if more signs emerge that a U.S. rate hike would be delayed.
* Canadian gold miners Alamos Gold Inc AGI.TO and AuRico Gold Inc AUQ.TO unveiled a $1.5 billion merger plan, setting the stage for possible competing offers as miners scout for assets amid slowing growth and weaker gold prices. ID:nL4N0XA41V
* Greece denied a report by the Financial Times that it was preparing for a debt default if it did not reach a deal with its creditors by the end of the month and said the negotiations were proceeding "swiftly" towards a solution. ID:nL5N0XA3SR
* For the top stories on metals and other news, click TOP/MTL or GOL/
MARKET NEWS
* The yen hovered just below a two-year peak against the euro on Tuesday and was broadly firmer versus other major currencies as investors shed bearish positions overnight. USD/
* Equities in major markets slipped on Monday, weighed down by Wall Street on trepidation over first-quarter earnings. MKTS/GLOB
DATA AHEAD (GMT)
0600 Germany
Wholesale price index
Mar
0900 Euro zone
Industrial production
Feb
1230 U.S.
Retail sales
Mar
1300 U.S.
NFIB business optimism
Mar
1400 U.S.
Business inventories
Feb
Precious metals prices at 0023 GMT Metal
Last
Change Pct chg YTD pct chg
Spot Gold
1198.20 -0.07 -0.01
1.24 Spot Silver
16.25 -0.06 -0.37
3.77 Spot Platinum
1149.90
0.65 +0.06
-4.17 Spot Palladium
766.72 -0.42 -0.05
-3.28 COMEX GOLD JUN5 1198.30 -1.00 -0.08
1.20
COMEX SILVER MAY5 16.26 -0.03 -0.19
4.24
Euro/Dollar
1.0577 Dollar/Yen
120.00
COMEX gold and silver contracts show the most active months