* Traders eye U.S. Q2 GDP data due at 1230 GMT
* Higher equities boost commodities, dampen dollar buying
* Analysts see mixed outlook for platinum
* AngloGold Ashanti says will miss output target in 2009
(Updates prices, details, adds comment)
By Jan Harvey and Martina Fuchs
LONDON, July 31 (Reuters) - Gold firmed on Friday as rising
stock markets knocked the dollar and boosted assets seen as
higher risk, but trading was muted ahead of fresh U.S. GDP data.
Spot gold <XAU=> was bid at $938.55 an ounce at 1133 GMT,
against $933.30 an ounce late in New York on Thursday. U.S. gold
futures for August delivery <GCQ9> on the COMEX division of the
New York Mercantile Exchange rose $3.80 to $938.80 an ounce.
Gold is broadly tracking moves in the dollar within a narrow
range, while traders await the release of U.S. second-quarter
gross domestic product data due at 1230 GMT.
"There is clearly resistance at $940 after losses during the
week, but it is all very dollar-driven," said Andrey
Kryuchenkov, commodities analyst at VTB Capital.
"(The U.S. data) will add more volatility but... there is
still less interest in gold than equities," he added. "If the
macro-data comes out very positive, people will rush into
equities. For gold, resistance is very strong."
Dollar weakness tends to benefit gold, as it makes the metal
cheaper for holders of other currencies. []
The dollar fell versus a basket of currencies as a rise in
stock markets sharpened appetite for currencies seen as higher
risk. World equities hit 9-1/2 month highs as strong corporate
earnings fuelled hopes of an economic recovery. []
Stock markets' positive performance lifted other
commodities, with oil prices climbing back to $67 a barrel.
Strength in crude tends to benefit gold, which is often bought
as a hedge against oil-led inflation. []
Underlying demand for gold remains weak, with a pick-up in
sales in leading gold market India midweek tailing off towards
the weekend and flows into gold-backed exchange-traded funds
still stagnant. [] []
But a World Gold Council official told Reuters India's gold
demand may pick up from August as pent-up demand is seen
boosting sales. []
TARGET
Meanwhile Africa's top gold producer AngloGold Ashanti said
it will miss its output target for the year, adding that it will
wind up its hedge book of forward sales by 2014. []
Chief executive officer Mark Cutifani said he is optimistic
on the gold price, and expects the precious metal to trade
between $900-950 an ounce this year, rising to $1,000 in 2010.
Elsewhere silver <XAG=> rose to $13.63 an ounce against
$13.45, platinum <XPT=> was at $1,194 an ounce against
$1,179.50, and palladium <XPD=> was at $257.50 against $256.50.
Aquarius Platinum Ltd <AQP.AX> said on Friday its quarterly
attributable production was up one percent from the previous
quarter to 98,258 ounces. []
Prices of platinum -- consumed primarily by the car industry
for use in catalytic converters -- edged above $1,200 earlier
this week on hopes economic stability would lift car demand.
But despite an expected fourth-quarter recovery in the
European car market, analysts were cautious towards platinum.
VM Group analyst Matthew Turner said a third-quarter demand
slump in Europe, a key market for platinum as its cars are
usually diesel-fuelled and therefore use a higher proportion of
the metal in their autocatalysts, could hurt prices.
"In the last few months car production has started to pick
up again," he said. "The problem is that a lot of the car sales
in Europe are artificially boosted by government incentive
schemes. That is probably bringing demand forward, it's not
increasing demand."
(Editing by Peter Blackburn)
