NEW YORK, May 5 (Reuters) - U.S. gold futures dropped to a one-week low on Wednesday as investors opted for cash to cover equities losses, but the risk of contagion spreading in the euro zone beyond Greece provided support to prices, traders said.

GOLD

* COMEX June GCM0 down $1.10 at $1,168.10 at 10:36 a.m. EDT (1436 GMT).

* Ranged between $1,174.50 and $1,156.20 which was the lowest since April 27. * Gold sharply recovers initial losses on flight-to-quality buying due to worries about the viability of the euro, which plunged below $1.29. * Investors sold the metal for liquidity needs as global equities fall for a second day and as commodities led by crude oil slide - traders. * Commodities gauge Reuters/Jefferies CRB index .CRB fell to a near three-month low, led by oil's 3 percent fall to $80 a barrel. * Bearish outside day-reversal pattern on Tuesday could pressure gold prices further - Tom Pawlicki at MF Global. * U.S. Treasury curve flattening signals deflationary concerns and sharp loss of risk appetite, and that will likely weigh on bullion - James Steel at HSBC. * Comex estimated 10 a.m. volume at a heavy 112,346 lots. * Spot gold XAU= at $1,167.35 versus $1,170.65 late in New York's previous session. * London afternoon gold fix XAUFIX= at $1,185.

SILVER

* COMEX May silver SIK0 down 54.20 cents, or 3 percent, at $17.300 an ounce, taking its cue from gold. * Ranged $17.895 to $17.080 -- weakest since March 29. * Precious Metals with strong industrial properties including silver, platinum and palladium all posted their biggest one-day losses since February on Tuesday. * Comex estimated 10 a.m. volume at 38,378 lots. * Spot silver XAG= at $17.28 versus $17.84 late in prior session. * London silver fix XAGFIX= at $17.63.

PLATINUM

* July PLN0 down $38.80, or 2.3 percent, at $1,647.80 an ounce on industrial metal weakness led by copper's decline. * PGM prices lower as autocatalyst demand could suffer due to possible slowdown in recovery. [ID:nN03209439] * Spot platinum XPT= at $1,640.50.

PALLADIUM

* June PAM0 down $13.25, or 2.6 percent, at $502 an ounce on platinum's weakness. * Spot palladium XPD= at $497.

Prices at 10:41 a.m. EDT (1441 GMT) Last Change Pct 2009 YTD Chg Close % Chg US gold GCM0 1169.80 0.60 0.1 1096.20 6.7 US silver SIK0 17.285 -0.533 -3.0 16.845 2.6 US platinum PLN0 1646.40 -39.40 -2.3 1471 11.9 US palladium PAM0 500.60 -14.65 -2.8 408.85 22.4 Gold XAU= 1168.55 -2.10 -0.2 1096.35 6.6 Silver XAG= 17.22 -0.62 -3.5 16.84 2.3 Platinum XPT= 1641.00 -27.50 -1.6 1465.50 12.0 Palladium XPD= 499.00 -16.50 -3.2 405.50 23.1 Gold Fix XAUFIX= 1165.00 -7.00 -0.6 1104 5.5 Silver Fix XAGFIX= 17.63 -108.00 -5.8 16.99 3.8 Platinum Fix XPTFIX= 1636.00 29.00 1.7 1466 11.6 Palladium Fix XPDFIX= 493.00 17.00 3.3 402 22.6

(Reporting by Frank Tang; Editing by John Picinich)

U.S. Gold Down