* Dollar firms a touch versus the euro, pressuring gold
* Key U.S. jobs data shows payrolls down 524,000 in Dec
* Investec cuts 2009 platinum forecast by 28 percent
(Updates prices, adds comment after U.S. jobs data)
By Jan Harvey
LONDON, Jan 9 (Reuters) - Gold edged lower on Friday as the
dollar strengthened against the euro in the wake of U.S.
December non-farm payrolls numbers, but reaction to the data was
muted as it came in broadly in line with expectations.
Spot gold <XAU=> slipped to $850.65/852.65 an ounce at 1415
GMT from $856.10 late in New York on Thursday.
U.S. gold futures for February delivery <GCG9> on the COMEX
division of the New York Mercantile Exchange fell $2.80 to
$851.70.
A government report showed U.S. employers slashed payrolls
by 524,000 in December, driving the unemployment rate to its
highest level in nearly 16 years. []
Analysts polled by Reuters had expected a reduction of
550,000 jobs in December.
"The non-farm payrolls were only a few thousand off
consensus, so that took some of the surprise away from the
market," said BNP Paribas metals analyst Michael Widmer.
Gold is taking its cues predominantly from the currency
markets. The dollar turned higher against the euro in choppy
trading after the data, with the single currency hitting a
session low of $1.3588. []
A stronger dollar tends to pressure gold, which is often
bought as an alternative asset to the U.S. currency and tends to
move in the opposite direction to it.
While the data was very poor, Widmer said, recent economic
reports from the euro zone economies have also been weak,
leaving both the dollar and the euro lacking support.
Oil prices, which also tend to influence gold, slipped more
than $1 a barrel after the data to below $41 a barrel, as the
rise in unemployment deepened gloom over the demand outlook in
the world's largest oil consumer. []
In the longer run, concern over the prospects for the global
economy continue to support gold as a haven from risk.
However, jewellery buying is relatively lacklustre and
strong demand for investment coins and bars is said by traders
to have slackened since its autumn peak.
In India, the world's leading market for gold jewellery,
buying remains muted with prices at relatively high levels.
"There is hardly any demand at these prices," said Mayank
Khemka, managing director of bullion importer Khemka
International in Delhi.
FORECAST CUT
Platinum has posted modest gains since the beginning of the
year after a sharp sell-off in the last nine months of 2008,
which knocked prices down 65 percent from their March highs.
However, it is still likely to suffer in 2009 from falling
demand from carmakers, the major consumers of the white metal.
Investec cut its 2009 platinum forecast by 28 percent to
$970 an ounce, although it said it remains positive on the
longer-term outlook. []
"We see downside risk to the platinum price in the
near-term," it said. "The outlook for vehicle sales, which
accounts for 50 percent of platinum and palladium demand and 80
percent of rhodium demand, remains very poor."
Spot platinum <XPT=> was quoted at $978/988 an ounce, down
slightly from $991.50 late in New York on Thursday, while
palladium <XPD=> was at $191.50/196.50 an ounce from $194.50.
Spot silver <XAG=> was at $11.09/11.17 an ounce against
$11.08.
The world's largest silver-backed exchange-traded fund, the
iShares Silver Trust <SLV.A>, said its bullion holdings rose 1
percent or just over 55 tonnes on January 8.
(Reporting by Jan Harvey; Editing by Peter Blackburn)
