* Markets await Obama economic stimulus, bank rescue plans
* Dollar firms versus the euro, adding pressure to gold
* AngloPlat reports higher earnings but flags up cost fears
(Updates throughout, changes dateline, pvs TOKYO)
By Jan Harvey
LONDON, Feb 9 (Reuters) - Gold dipped 1 percent on Monday as
hopes the Obama administration's stimulus plan will boost U.S.
growth took the heat out of safe-haven buying, with a firmer
dollar spurring profit-taking after recent near 4-month highs.
However, the metal climbed from lows as disappointment at a
delay in announcing a U.S. bank bailout plan sent some cash back
into assets perceived as safe, such as gold.
Spot gold <XAU=> slipped to $902.95/904.95 an ounce at 1017
GMT, down from $911.70 late in New York on Friday. Earlier it
touched a low of $900.35.
"Recent action on the markets shows some confidence is
coming back," said Commerzbank analyst Eugen Weinberg.
"Gold was a fear indicator until recently, and should
confidence become stronger over the coming days, the gold price
will stay under pressure."
Traders are awaiting an announcement on Washington's massive
stimulus plan and bank rescue package. The Senate was due to
vote on the package later this session to clear the way for its
passage on Tuesday. []
"Investors seem to have become more confident in the last
couple of days that the stimulus packages will prove to be
efficient," said Weinberg. "That is not positive for gold."
SPDR Gold Trust <GLD>, the world's largest bullion-backed
exchange traded fund, said its holdings were static on Friday
after rising to a record on two successive days last week.
The dollar was a touch firmer against the euro, which is
also pressuring gold, despite the recent breakdown of its
usually strong inverse relationship with the U.S. currency.
The euro slipped 0.3 percent against the dollar, after
strengthening more than 1 percent on Friday. []
Oil also eased a touch, further weighing on gold. Crude
futures slipped below $40 a barrel as demand concerns pressured
prices. []
OUTPUT ROSE
The world's third largest gold miner, AngloGold Ashanti
<ANGJ.J>, said its output rose to 1.268 million ounces in the
three months to end-December and said its cash costs at $422 an
ounce showed a 13 percent improvement on the previous quarter.
The miner said it plans to keep trimming its hedgebook this
year, using $900 an ounce as a guide price for the precious
metal. The company reported a fourth quarter headline loss of 5
cents per share, missing market expectations. []
Silver prices eased but outperformed gold, with spot silver
slipping to $12.97/13.05 an ounce from $13.06. The white metal
is benefiting from technical buying as the gold-silver price
ratio declines, analysts said.
"(Silver) continues to make back ground against gold as some
investors look to cheaper alternatives to the yellow metal,"
said James Moore, an analyst at TheBullionDesk.com.
Platinum <XPT=> eased to $982.50/992.50 an ounce from
$999.50, while palladium <XPD=> was at $209/214 against $210.
Palladium jumped 11 percent last week on the back of fund
interest in the metal, which is seen as good value compared to
platinum. The ZKB palladium ETF <ZPAL.S> saw an inflow of more
than 1 percent or 6,365 ounces last Thursday. []
The world's biggest platinum miner Anglo Platinum <AMSJ.J>
reported higher earnings but flagged up cost pressures as it cut
its final dividend and said it may cut jobs if prices fall
further. []
The company, a unit of Anglo American <AAL.L>, said it
produced 2.39 million ounces of refined platinum last year,
slightly below its target.
(Reporting by Jan Harvey; Editing by Keiron Henderson)
