* U.S. markets close for Thanksgiving Day holiday
* Dollar weakens vs the euro but oil prices fall
* Gold largely unaffected by deadly attacks in Mumbai
(Recasts, adds comment, changes dateline, pvs SINGAPORE)
By Jan Harvey
LONDON, Nov 27 (Reuters) - Gold was little changed in Europe
on Thursday as the effects of a weaker dollar were counteracted
by a fall in the oil price, with trading muted by the onset of
the Thanksgiving Day holiday in the United States.
Bullion prices were unaffected by a spate of deadly attacks
in Mumbai, where at least 101 people have been killed and many
more remain trapped by gunmen [], despite gold's
reputation as a haven from geopolitical risk.
Spot gold <XAU=> was quoted at $812.60/814.60 an ounce at
1055 GMT, little changed from $811.75 an ounce late in New York
on Wednesday.
"We have to move out of the $800-830 range to get an idea of
where the next move will be," Deutsche Bank trader Michael
Blumenroth said. "That will depend on the currency markets and
other markets."
"We are unlikely to see much flow or much interest because
of Thanksgiving today," he added.
The dollar weakened against the euro on Thursday, rolling
back some of the previous session's gains, as a spate of
worse-than-expected U.S. economic reports renewed fears over the
prospect of a deepening global recession. []
A softer dollar tends to benefit gold, which is often bought
as a currency hedge.
However, weakness in gold's other main external driver,
crude oil, is weighing on prices. Oil fell towards $53 a barrel
after U.S. stocks and oil demand data released on Wednesday
increased worries over falling consumption. []
OPEC MEETS
However, some support may come from a meeting of the OPEC
oil cartel in Cairo on Saturday. Venezuelan oil minister Rafael
Ramirez said OPEC may agree to cut production at the talks.
"With all eyes on OPEC's extraordinary meeting on Saturday,
nobody wants to sell oil in case OPEC cuts production," Standard
Bank analyst Walter de Wet said.
"However, despite this threat, we believe crude will still
head down into year-end," he added. "Precious metals should
expect little support from crude oil."
Investor demand for bullion-backed exchange-traded funds
remains firm, with the world's largest gold ETF, the SPDR Gold
Trust <GLD>, reporting an inflow of just over 3 tonnes or half a
percent on Nov 26. []
Spot platinum <XPT=> inched up to $856/876 an ounce from
$853.50 in New York late on Wednesday as the weaker dollar lent
support, while palladium <XPD=> firmed to $190.50/195.50 an
ounce from $189.50.
Both metals are suffering from a perception that demand from
auto manufacturers is likely to remain lacklustre. Carmakers,
who use the metals to make catalytic converters, account for
around half global platinum and palladium demand.
"Futures in Tokyo have fallen due to speculation of further
falling automotive sales, with local producer Mazda stopping
production for two days in December," said Fairfax analyst John
Meyer.
"Similar action is likely to be taking place at other auto
manufacturers around the world, although the cost of stopping
car production lines is extremely high," he added.
Among other precious metals, spot silver <XAG=> was at
$10.28/10.36 an ounce against $10.29.
(Editing by Sue Thomas)
