* Commods, equities buoyed by rising risk appetite after Fed
* SPDR gold ETF holdings unchanged
* Swiss bank completes 250 T planned gold sales
(Updates throughout, changes dateline-pvs TOKYO)
By Jan Harvey
LONDON, Aug 13 (Reuters) - Gold rose in Europe on Thursday
as the dollar softened against a currency basket, after data
showed growth in the euro zone and as the Federal Reserve gave
its clearest statement yet that the U.S. recession may be
nearing an end.
The view has boosted the appeal of assets seen as riskier,
such as commodities, equities and higher-yielding currencies
such as the Australian dollar, analysts said.
Spot gold <XAU=> was bid at $953.20 an ounce at 0853 GMT,
against $946.05 an ounce late in New York on Wednesday. U.S.
gold futures for December delivery <GCZ9> on the COMEX division
of the New York Mercantile Exchange rose $3.10 to $955.60.
Demand for physical gold from exchange-traded funds was
lacklustre, with holdings of the largest, New York's SPDR Gold
Trust <GLD>, flat for a second day on Wednesday. []
"The most important demand driver from the investment side
for the gold ETF is non-existent," said Commerzbank analyst
Eugen Weinberg. "The ETF has been experiencing outflows
recently, so this is not a dynamic component.
"The most dynamic one is the positioning of the speculators
on the COMEX (futures exchange), and this is probably mostly
based on the outlook for the U.S. dollar," he said.
The U.S. currency came under pressure versus the euro after
the euro zone's two biggest economies, France and Germany,
posted suprise returns to growth in the second quarter. []
The dollar was already easing as investors moved into
nominally higher-risk assets after the Fed said in a statement
accompanying its decision to hold rates near zero on Tuesday
that the U.S. economy was levelling out. []
The news also boosted assets such industrial commodities and
equities, which benefit from rising risk appetite. Oil climbed
back above $71 a barrel, while base metals rallied across the
board, with copper surging to 10-1/2 month highs. [] []
European shares rose in early trade, boosted by the European
data and the Fed, after solid gains in Asia. [] []
INFLATION HEDGE
The Fed's view that the economy is improving is likely to
support gold, as investors worried about the inflationary
implications of growth buy the precious metal as a hedge.
"Gold should remain supported by the inflationary impact of
the Fed's rate decision, in addition to the boost to general
risk sentiment," said James Moore, an analyst at TheBullionDesk.
"But we still expect scaled-up resistance above $965 to slow
the metal's advance."
On the supply side, the Swiss National Bank said on Thursday
it has completed its planned sale of 250 tonnes of gold onto the
market. []
The bank is a signatory of the Central Bank Gold Agreement,
which limits gold sales to 400 tonnes a year. []
South Africa, the world's third largest gold miner, said its
production fell 12.2 percent year-on-year in June. []
Among other precious metals, silver <XAG=> was at $14.80 an
ounce against $14.51. Platinum <XPT=> was at $1,259.50 an ounce
against $1,238, while palladium <XPD=> was at $272 against $270.
Platmin Ltd <PPN.TO> said it has sacked approximately 500
workers at its Pilanesberg platinum mine after a dispute over
illegal strike action, interrupting mining activity at the
facility. []
UBS analyst John Reade said in a note that due to the small
nature of Platmin's operations, the incident was unlikely to
move the platinum price. "We would expect normal operations to
be restored at Platmin in a few weeks at the most," he said.
(Reporting by Jan Harvey; Editing by Keiron Henderson)
