* Traders await direction from G20 summit
* Gold up 4 pct in Q1, platinum up 21 pct-Reuters data
(Updates prices, adds detail)
By Jan Harvey
LONDON, April 1 (Reuters) - Gold was steady in Europe on
Wednesday as traders awaited direction from this week's G20
summit in London, where leaders have gathered to address the
ailing global economy.
Spot gold <XAU=> was at $921.00/923.00 an ounce at 1542 GMT
from $917.15 late in New York on Tuesday. U.S. gold futures for
April delivery <GCJ9> on the COMEX division of the New York
Mercantile Exchange dipped 50 cents to $922.10 an ounce.
"The market is looking for guidance, and if (the G20) can't
provide that, risk aversion will obviously continue and that
will have an impact on gold on the upside," Saxo Bank senior
manager Ole Hansen said.
World leaders are meeting in London to tackle the global
economic crisis. Data released on Wednesday hinted however the
worst might be over, as euro zone and British manufacturing
activity inched up from February's lows. []
Traders are also awaiting an interest rate decision from the
European Central Bank on Thursday and Friday's U.S. non-farm
payrolls data for direction.
The dollar, typically a key driver for gold, retreated from
highs against the euro, supporting interest in gold as an
alternative asset to the U.S. currency.
The dollar dipped after data showed another month of heavy
U.S. job losses, though moves were limited by caution ahead of
the G20 summit. []
Bullion ended the first quarter of the year up 4 percent,
boosted by fears measures to stimulate the global economy would
lead to a rise in inflation, against which gold is bought as a
hedge.
Buying of gold and precious metal-backed exchange-traded
funds was particularly strong in the first quarter as investors
sought the safety of physical assets. []
Elsewhere, the European Central Bank said it completed the
sale of 35.5 tonnes of gold on Tuesday. However, the news had
little impact on price. []
Turkey also said it had resumed imports of gold in March
after shipping in no bullion in the first two months of the
year. Strong sales of scrap gold within the country have eased,
according to dealers. []
DOWNTURN
Platinum group metals were little changed. Spot platinum
<XPT=> was at $1,130/1,140 an ounce from $1,123.50, while spot
palladium <XPD=> was at $216/221 an ounce, against $213.50.
The metals suffered from falling demand from carmakers, the
major buyers of the metals which are used in the manufacture of
autocatalysts.
But platinum, which fell as much as 68 percent towards the
end of last year from its record high of $2,290 an ounce reached
in March, recovered in the first quarter, posting gains of
nearly 21 percent, according to Reuters data.
Precious metals group Heraeus said in a monthly note that
platinum had benefited from speculators' and investors' hopes of
a turnaround in the global economic situation.
"Buyers were relying on the surprisingly good figures
from the U.S. economy -- home sales and durable goods -- as well
as the U.S. government's plan to buy up "toxic assets" worth $1
trillion from the banks," it said.
Spot silver <XAG=> was at $12.98/13.04 an ounce against
$12.93 late in New York on Tuesday.
(Editing by Sue Thomas)
