* Stocks recover, dollar up after consumer confidence data
* Gold's safe haven status lifted by spate of soft U.S. data
* Platinum-gold ratio slips to one-month low
(Releads, updates prices, adds comment)
By Jan Harvey
LONDON, Aug 13 (Reuters) - Gold firmed on Friday as concerns
over the outlook for the U.S. economy revived interest in the
metal as a haven from risk, but the metal struggled to break
through tough resistance after earlier hitting a one-month high.
Spot gold <XAU=> was bid at $1,213.05 an ounce at 1506 GMT,
against $1,211.20 late in New York on Thursday. U.S. gold
futures for December delivery <GCZ0> eased $2.00 to $1,214.70.
The metal is on track to post its first consecutive two
weeks of gains since late June, lifted by weak economic data
from the United States, with a soft payrolls reading last Friday
followed by weak jobless numbers on Thursday.
But it has struggled to build on gains that earlier took it
to a one-month high at $1,217.35. A raft of U.S. data released
on Friday, including retail sales, CPI and consumer confidence
numbers, failed to have much impact on the market.
"The market showed a very muted reaction to CPI and retail
sales numbers," said VTB Capital analyst Andrey Kryuchenkov.
"The market is well supported, but at the moment momentum is
slowing," he added. "For an immediate push, you will need some
more negative macro news or statements... (to spark) another
flight to safety."
European shares rose 0.4 percent in choppy trade after
better-than-expected U.S. consumer sentiment data lifted U.S.
stocks. Equities had fallen in earlier trade after retail sales
data suggested momentum in consumer spending was weak. []
[]
The dollar rose against the euro to hit a fresh three-week
high in mid-morning trade. Gold, which often moves in the
opposite direction to the dollar, pared gains in tandem, but
overall remains persistently rangebound. []
"Gold seems to clearly lacking a direction as it's unsure
whether it should rise to reflecting the broad economic chaos
across the globe, or drop on the back of strong U.S. dollar,"
said Pradeep Unni, senior analyst at Richcomm Global Services.
RISK SHOCK NEEDED
More bad news on the economy may be needed to get prices
rising again, analysts said.
"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," said RBS analyst Daniel Major.
He sees gold in the $1,150-1,225 range until significant new
risk aversion enters the market.
Oil steadied after earlier rising 1 percent in a technical
rebound after a three-day decline, while base metals also gave
up gains. [] []
Investment demand for physically backed gold exchange-traded
funds picked up. Holdings of the largest, the SPDR Gold Trust
<GLD>, climbed by nearly 1 tonne on Thursday after rising more
than 3 tonnes a day before, its biggest one-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.
Silver <XAG=> was at $17.97 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 $1,516 an ounce versus $1,525.50 and
palladium <XPD=> at $470.93 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 Sue Thomas)
