PRECIOUS-Gold holds near one-week high, China data awaited
SINGAPORE, July 10 (Reuters) - Gold was little changed on Wednesday not far from a one-week high hit in the previous session, with investors awaiting trade data from China to get more evidence of the economic strength of the world's second-biggest consumer of the metal.
* Spot gold fell $2 to $1,247.66 an ounce by 0027 GMT, while Comex gold gained slightly to $1,246.40.
* Gold hit a one-week high of $1,260.01 on Tuesday, its second straight daily gain, rising 1 percent on strong physical demand, and as Chinese inflation data boosted the metal's appeal as a hedge.
* The cost of borrowing gold surged on Tuesday to the highest since January 2009, reflecting dwindling supplies from bullion banks after heavy liquidation and resilient demand for physical gold products. The Federal Reserve releases minutes from its June policy meeting later in the day and Fed Chairman Ben Bernanke is also due to speak at a conference. Markets will be looking for clues on whether the central bank would scale back its $85 billion monthly bond purchases that have so far support bullion prices.
* The International Monetary Fund trimmed its global growth forecast on Tuesday for the fifth time since early last year due to a slowdown in emerging economies and the woes in recession-struck Europe.
* Freeport McMoRan Copper and Gold Inc has resumed copper concentrate shipments from its mine in Grasberg, Indonesia, but expects output this year to drop by a fifth following a near two-month stoppage.
* Gold demand in India, the world's biggest buyer of the metal, slowed in the middle of a slack season, but traders expect a mild revival in demand if prices fall below 25,000 rupees mark.
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* Global equity markets extended gains on Tuesday and the dollar hit a three-year high, spurred by an optimistic tone among investors after a good start to the U.S. earnings season and last week's strong U.S. June jobs data.
DATA/EVENTS (GMT) N/A China Exports N/A China Imports 0645 France Industrial output 0800 Italy Industrial output 1400 U.S. Wholesale inventories 1800 FOMC releases minutes from June 18-19 meeting 2010 Federal Reserve Chairman Ben Bernanke speaks
Precious metals prices 0027 GMT
Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1247.66 -1.18 -0.09 -25.49 Spot Silver 19.23 0.00 +0.00 -36.49 Spot Platinum 1359.99 -3.51 -0.26 -11.40 Spot Palladium 696.72 0.72 +0.10 0.68 COMEX GOLD AUG3 1246.40 0.50 +0.04 -25.62 2519 COMEX SILVER SEP3 19.24 0.10 +0.53 -36.51 575 Euro/Dollar 1.2782 Dollar/Yen 101.07
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Ed Davies)