* Markets await Obama economic stimulus, bank rescue plans
* AngloPlat reports higher earnings but flags up cost fears
* Johnson Matthey sees 2009 platinum demand declining 5 pct
(Updates throughout, adds comment)
By Jan Harvey
LONDON, Feb 9 (Reuters) - Gold fell nearly 2 percent in
Europe on Monday as investors took profits after recent gains,
amid disappointment the metal had failed to beat resistance near
$930 an ounce last week.
Spot gold <XAU=> slipped to $897.80/899.80 an ounce at 1619
GMT, down from $911.70 in New York late on Friday. U.S. gold
futures for April <GCJ9> delivery on the COMEX division of the
New York Mercantile Exchange fell $14.90 to $899.00 an ounce.
"There has been some profit taking and disappointment we
couldn't break through $930, even with strong demand from ETFs,"
said Commerzbank senior trader Michael Kempinski.
Signs of a recovery in equities, and hopes the Obama
administration's stimulus plan will boost U.S. growth, are
taking the heat out of safe-haven buying for exchange-traded
funds.
"Stocks had a good performance last week and Barclays had
some nice figures today," said Kempinski. "Probably the
safe-haven buying argument is gone for the time being."
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. []
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.
Gold continued to break its correlation with its main
external drivers -- oil and the dollar-euro exchange rate.
The dollar weakened against the euro, weighed down by
uncertainty over the details of U.S. plans for massive fiscal
stimulus, and a much-anticipated package to help banks. A weaker
dollar usually benefits gold. []
Gold also ignored rising oil prices, which are typically
supportive. []
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 its cash costs at $422 an ounce
showed a 13 percent improvement on the previous quarter.
[]
Silver slipped to $12.94/13.02 an ounce from $13.06. The
white metal has benefited 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,"
James Moore, an analyst at TheBullionDesk.com, said.
Platinum <XPT=> eased to $990/998 an ounce from $999.50.
Precious metals consultancy Johnson Matthey <JMAT.L> said it
expects platinum demand to fall 5 percent this year, and held
its price forecast for the metal at $700-1,400 an ounce.
[]
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 fell
further. []
Spot palladium <XPD=> was at $208/212 against $210. The
metal jumped 11 percent last week on the back of fund interest,
as it is seen as good value compared to platinum.
ETF Securities said its palladium-backed exchange-traded
commodity <PHPD.L> saw inflows of 12,628 ounces or 8 percent
last week. []
Holdings of the ZKB palladium ETF <ZPAL.S> rose more than 1
percent or 6,365 ounces last Thursday. []
Among other precious metals, spot ruthenium <RUTH-LON> fell
to a low of $65 an ounce, its weakest since May 2005, from $75
an ounce earlier in the session.
"What has really hit (ruthenium) has been the increase in
recycled material that has come back onto the market," said
David Jollie, author of precious metal group Johnson Matthey's
reviews of the platinum group metals.
"The industrial demand just isn't there to take that plus
primary production, so the price has slipped."
(Editing by James Jukwey)
