* Gold ends tad lower, SPDR Gold Trust posts outflow
* Miners strike at Implats' South African facility
* ETFS Physical Gold sees biggest ever 1-day inflow
(Recasts, updates with quotes, closing prices, adds NEW YORK
to dateline)
By Frank Tang Jan Harvey
NEW YORK/LONDON, Aug 26 (Reuters) - Gold futures ended a
tad lower on Wednesday as the dollar's sharp rise against the
euro tempered bullion's status as a hedge against the falling
U.S. currency.
But traders said gold prices are expected to stay
rangebound as the market awaits clearer direction from the
currency markets.
The price of gold has been largely confined to a trading
range between $930 and $960 in the past three months as the
metal was pressured by a resurgent dollar but supported by
long-term inflation worries and lingering economic
uncertainties.
U.S. December gold futures <GCZ9> settled down 20 cents at
$945.80 an ounce on the COMEX division of the New York
Mercantile Exchange.
Spot gold <XAU=> was at $945 an ounce at 1:57 p.m. EDT
(1757 GMT), against $943.55 an ounce late in New York on
Tuesday. Earlier it rose as high as $949.85.
"We are probably going to stay fairly rangebound," said
Standard Bank analyst Walter de Wet. "We would have to see some
decent dollar weakness for gold to move above $956-960."
The U.S. dollar rose as news that China would act to
restrict redundant investments underscored concerns about a
global recovery and tempered the positive impact of data
showing a jump in new U.S. home sales.
Demand from buyers of physical bullion remained sluggish as
buyers awaited further price falls.
"Physical demand has dried up, but we are expecting more
buying around $930-925," said Commerzbank senior trader Michael
Kempinski.
The world's largest exchange-traded fund, the SPDR Gold
Trust <GLD>, said its holdings fell another 4.58 tonnes on
Tuesday, bringing its total outflow to 21.4 tonnes in the last
four weeks. []
LONDON ETF HOLDINGS RISE
But London-based ETF Securities said it saw the biggest
ever one-day inflow into its ETF Physical Gold <PHAU.L> product
on Aug. 25. Its holdings rose 211,500 ounces to 3.190 million
ounces on Tuesday. []
On the supply side, the Russian Gold Industrialists' Union
reported a 21 percent rise in gold output from Russia, the
world's fifth largest producer of the yellow metal, in the
first seven months of the year. []
Platinum <XPT=> received an early bump from a strike at
Impala Platinum's <IMPJ.J> Rustenberg mine in South Africa,
where workers rejected the company's latest pay offer on
Wednesday. []
Prices rose as high as $1,249.50 and were last at $1,233 an
ounce from its previous finish of $1,239 as investors took
profits.
The world's No. 2 platinum producer, Implats Platinum, said
more than 20,000 workers were involved in the strike, ignoring
a weekend call from the National Union of Mineworkers to
suspend the action.
Palladium <XPD=> was at $282 against $286. Silver <XAG=>
was at $14.28 an ounce against its previous close of $14.24.
Close Change Pct 2008 YTD
Chg Close Pct Chg
US gold <GCZ9> 945.80 -0.20 0.0 884.30 7.0
US silver <SIU9> 14.255 -0.055 -0.4 11.295 26.2
US platinum <PLV9> 1238.40 -9.40 -0.8 941.50 31.5
US palladium <PAU9> 285.90 -2.90 -1.0 188.70 51.5
Prices at 1:57 p.m. EDT (1757 GMT)
Gold <XAU=> 944.90 1.35 0.1 878.200 7.6
Silver <XAG=> 14.28 0.04 0.3 11.30 26.4
Platinum <XPT=> 1233.00 -6.00 -0.5 924.50 33.4
Palladium <XPD=> 282.00 -4.00 -1.4 184.50 52.8
Gold Fix <XAUFIX=> 940.50 -10.00 -1.1 836.50 12.4
Silver Fix <XAGFIX=> 14.320 0.210 1.5 14.760 -3.0
Platinum Fix <XPTFIX=> 1243.00 0.00 0.0 1529.00 -18.7
Palladium Fix <XPDFIX=> 288.00 0.00 0.0 365.00 -21.1
(Editing by Christian Wiessner)
