* Dollar in doldrums after Thursday's dip; oil above $73/bbl
* South African union rejects Anglo Platinum wage offer
(Updates prices)
By Jan Harvey
LONDON, Aug 28 (Reuters) - Gold rose above $950 an ounce in
Europe on Friday and eyed resistance at $955, after heavy
selling of the dollar late in the previous session, with rising
oil prices also lending support.
Spot gold <XAU=> was bid at $952.00 an ounce at 1111 GMT,
against $946.75 an ounce late in New York on Thursday. U.S. gold
futures for December delivery <GCZ9> on the COMEX division of
the New York Mercantile Exchange rose $6.20 to $953.50 an ounce.
Gold typically moves in a close inverse relationship with the
dollar, as it becomes cheaper for holders of other currencies as
the U.S. unit softens. Gold was also being bought as an
alternative asset to the falling dollar.
Platinum <XPT=> fell, but losses were limited by a strike at
South Africa's Impala Platinum <IMPJ.J> and news that a union
had rejected the latest wage offer from Anglo Platinum <AMSJ.J>,
the world's largest producer of the metal. []
The U.S. currency dropped sharply versus the euro and others
during New York trade in response to rising equity markets and
recovering oil prices, pushing gold above $950 an ounce. It was
little changed early on Friday versus a currency basket. []
"The euro performance of late last night and therefore the
performance of gold after COMEX hours took the market by
surprise, and this morning the market is looking for a test of
$955," said Afshin Nabavi, head of trading at MKS Finance.
He added, however, that gold was still caught firmly in a
broader range between $930-960.
Oil meanwhile climbed above $73 an ounce, boosted by
Thursday's better-than-expected U.S. GDP and jobs data, which
has fuelled interest in assets seen as higher risks, such as
equities and commodities. []
SILVER RISES
Base metals also climbed, with copper up more than 3
percent, helping fellow industrial metal silver, which rose to
$14.47 an ounce from $14.24. []
On the wider markets, European shares rose more than 1
percent on Friday as commodities shares were supported by higher
oil and metals prices, after gains in some Asian markets. U.S.
stock futures pointed to a rise on Wall Street. [] []
Indian gold demand eased, meanwhile, after local prices rose
above 15,000 rupees per ten grammes. More orders have been
received at $930-940 an ounce, suggesting physical buying will
support prices at those levels. []
Buying for exchange-traded funds was also lacklustre, with
the world's largest gold ETF, the SPDR Gold Trust <GLD>,
reporting no change in its holdings on Thursday. []
Platinum <XPT=> was at $1,238 an ounce against $1,240.50,
and palladium <XPD=> was flat at $284. The metals have had some
support by industrial action in South Africa, source of
four-fifths of the world's platinum.
A strike at the world's number two platinum producer, Impala
Platinum <IMPJ.J>, spread to another mine and hit output, the
company said. Some 20,000 workers at its Rustenburg mine have
been on strike since Wednesday. []
The National Union of Mineworkers said Implats had failed
to secure a court order to stop the strike. []
The NUM also said it had rejected the latest wage offer from
Anglo Platinum <AMSJ.J>, the world's largest producer of the
white metal.
But a rise in platinum stocks after demand fell for the
autocatalyst material, news of capacity cuts from Toyota earlier
this week, and hopes industrial action will be resolved quickly
are limiting gains, analysts said. []
"The market reaction to these supply interruptions help
confirm our view that this is not an attractive tactical entry
point into new long platinum positions," said UBS analyst John
Reade in a note.
(Reporting by Jan Harvey; Editing by Keiron Henderson)
