* Equities push gold through technical resistance levels
* U.S. jobs data fails to ease investor concerns
* Platinum prices slip to four-week low below $1,200/oz
(Updates prices, adds comment)
By Jan Harvey
LONDON, Sept 2 (Reuters) - Gold hit a four-week high of
$966.20 an ounce as concerns over falling equities pushed the
metal through technical resistance levels in the wake of U.S.
jobs data, and amid weakness in the dollar index <.DXY>.
Spot gold <XAU=> was bid at $964.90 an ounce at 1257 GMT,
against $955.85 an ounce late in New York on Tuesday. U.S. gold
futures for December delivery <GCZ9> on the COMEX division of
the New York Mercantile Exchange rose $10.20 to $966.70.
"Equities were already weak yesterday, with rumours about
further problems in the banking sector around. That definitely
spurred some safe haven buying in gold," said Alexander Zumpfe,
a trader at precious metals house Heraeus.
"After $960 broke, technical buying came in," he said.
The dollar index <.DXY>, which measures the U.S. unit's
performance against a basket of major currencies, weakened after
data showed U.S. private employers cut 298,000 jobs in August,
fewer than a revised 360,000 jobs in July. []
The stronger than expected jobs number failed to ease
investor concerns about broader market sentiment.
Oil prices fell, extending Tuesday's hefty 3 percent slide
to slip below $68 a barrel. Gold prices often track moves in
oil, as the metal can be bought as an inflation hedge. []
U.S stock futures extended losses after the jobs data,
pointing to a lower opening on Wall Street, while European
equities also dipped, denting appetite for risk. [] []
Traders are awaiting key U.S. data due later in the week,
especially non-farm payrolls numbers due on Friday.
"There will be more volatility towards the end of the week
amid multiple data releases, and especially the U.S. non-farm
payroll numbers for August," said VTB Capital analyst Andrey
Kryuchenkov.
SILVER FALLS
Among other precious metals, silver edged down, weighed by a
fall in base metals like copper after the equity slide. Spot
silver <XAG=> was at $15.00 an ounce against $15.04.
Silver, which is widely used in industrial processes such as
electronics manufacturing, is sensitive to moves in the
industrial metals. []
INTL Commodities' head of precious metals Gerry Schubert
said gold and silver prices had held up well given oil's slide
below $70 a barrel, suggesting it remains well supported.
"We have a lack of selling for gold and silver, and probably
even some light ETF investment buying," he said. "But the
fundamentals in platinum are pointing lower."
Platinum <XPT=> fell to a four-week low of $1,997 an ounce
as investors worried about the demand outlook, with a spate of
government-sponsored scrappage schemes that had supported car
sales nearing an end.
The white metal was later at $1,210 an ounce against
$1,224.50, while palladium <XPD=> fell to $281 against $287.
Both metals are being pressured by profit taking and a dearth of
news on South African strikes, analysts said. []
Meanwhile ETF Securities said holdings of its palladium
exchange-traded commodity <PHPD.L> rose 2.6 percent to a record
of nearly 400,000 ounces on Sept. 1.
ETCs issue securities backed by a physical commodity.
Palladium hit a year-high of $291.50 an ounce on Tuesday.
"ETF investors added a further 9,900 ounces of palladium
yesterday with further chart support expected around $282," said
James Moore, an analyst at TheBullionDesk.com.
"The scale of speculative longs remain a concern, however.
The metal still has the potential to test the $296-305 area."
(Additional reporting by Veronica Brown; Editing by Sue
Thomas)
