* Gold's safe haven status lifted by spate of soft U.S. data
* Platinum-gold ratio slips to one-month low at 1.26
* Coming up: U.S. CPI/retail sales/earnings data at 1230 GMT
(Updates prices)
By Jan Harvey
LONDON, Aug 13 (Reuters) - Gold climbed to a one-month high
in Europe on Friday, extending the previous session's rise, as
investors spooked by a raft of disappointing U.S. economic data
turned to the metal as a safe store of value.
Spot gold <XAU=> hit a high of $1,217.35 and was bid at
$1,214.50 an ounce at 1221 GMT, against $1,211.20 late in New
York on Thursday. U.S. gold futures for December delivery <GCZ0>
was flat at $1,216.70.
Gold is on track to post its first consecutive two weeks of
gains since late June, lifted by a spate of weak economic data
from the United States, with a soft payrolls reading last Friday
followed by weak jobless numbers on Thursday.
It remains within the relatively narrow range it has kept to
for most of the summer, however, and will need fresh impetus to
break this pattern, analysts said.
"A weak non-farm payrolls print is not likely to give us a
sustainable 3-4 weeks of strong inflows into gold," said RBS
analyst Daniel Major. "(But) a further serious deterioration in
data could lead the market to price in more levels of
quantitative easing."
"I think you need more of a risk shock to stimulate a very
strong inflow into gold that is likely to push prices back
through $1,250 again."
He said he sees gold in the $1,150-1,225 range until
significant new risk aversion enters the market.
All eyes are on a raft of U.S. data due later in the day,
including inflation, real earnings and retail sales numbers at
1230 GMT and a consumer sentiment reading at 1400 GMT.
"(The) risk focus will be tested today by a sequence of U.S.
releases, with the focus most likely on retail sales," said
Credit Agricole in a note.
"The mood remains fickle, and it will be interesting to see
later today how the dollar reacts should we get any surprises in
the U.S. data.
EQUITIES, EURO TURN LOWER
European shares fell on Friday, reversing earlier gains, as
investors remained wary about global economic growth. The MSCI
world equity index <.MIWD00000PUS> was flat on the day, having
hovered near a three-week low the day before. []
The euro also turned lower as worries about peripheral
economies returned to dog investors who were briefly encouraged
by strong German growth data earlier in the session. []
Among other commodities, oil steadied after earlier rising 1
percent in a technical rebound after a three-day decline, while
base metals also gave up gains. [] []
Elsewhere investment demand for physically backed gold
exchange-traded funds picked up, with holdings of the world's
largest, the SPDR Gold Trust <GLD>, rising by just over 3 tonnes
on Thursday, its biggest 1-day inflow since June 29. []
High prices weighed on jewellery demand in key gold-buying
centres, however, with traders in India reporting a dip in
demand as prices rose. []
"I have some five orders in the $1,210-1,215 range, most of
my orders are below $1,200," said one Mumbai dealer.
Among other precious metals, silver <XAG=> was at $18.06 an
ounce versus $18.02. India's largest importer of bullion, MMTC
<MMTC.BO>, said its silver imports fell more than 44 percent in
the year to end March as high prices hit demand. []
Platinum <XPT=> was at $1,526 an ounce versus $1,525.50 and
palladium <XPD=> at $469 against $467.
Gold's price rise means platinum has become increasingly
good value in comparison, with the platinum-gold ratio slipping
to a one-month low of 1.26 on Friday.
(Editing by James Jukwey)
