* Gold pushes through key technical levels to $975.40
* Shares fall, U.S. jobs data fails to ease investor jitters
* Platinum prices slip to four-week low below $1,200/oz
(Updates prices, adds comment)
By Jan Harvey
LONDON, Sept 2 (Reuters) - Gold extended gains past the $970
mark on Wednesday to hit its highest in almost three months, as
concern over global share price losses highlighted the metal's
cachet as refuge from financial market uncertainty.
Traders also said dollar weakness proved supportive, making
the metal more attractive to non-U.S. investors, while the move
through $970 triggered buying related to technical resistance
levels.
Spot gold <XAU=> was bid at $975.10 an ounce at 1530 GMT,
compared with $955.85 an ounce late in New York on Tuesday. It
hit a high of $975.40 -- last seen on June 6.
U.S. gold futures for December delivery <GCZ9> on the COMEX
division of the New York Mercantile Exchange rose 1.77 percent
to $973.50, having also hit a near three-month high.
"In the mid to long term, gold is definitely a buy --
especially if you have lost trust in stocks, or expect a
down-move there," Commerzbank senior trader Michael Kempinski
said.
World share prices, as measured by MSCI's all-country index,
fell 1.78 percent <.MIWD00000PUS> with investors rattled by
concerns over the sustainability of this year's stock markets
rally.
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. []
But the stronger than expected jobs number failed to ease
investor concerns about broader market sentiment.
Oil prices steadied at $68.36 a barrel after Tuesday's hefty
3 percent slide.
COILED FOR A BREAKOUT?
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, with the market also looking well supported
on a technical basis.
"We have a lack of selling for gold and silver, and probably
even some light ETF investment buying," he said.
Barclays Capital said in a technical note to clients that
the prospects for a general precious metals breakout to the
upside remain, with $977 seen as a primary target for gold.
Among other precious metals, silver rebounded on gold's ride
higher, rising to $15.18 per ounce <XAG=> -- its highest since
mid-June -- against $15.04 late on Tuesday in New York.
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 $1,221 an ounce compared with
late Tuesday's $1,224.50, while palladium <XPD=> fell to $283
from $287. Both metals are being pressured by profit taking and
a dearth of news on South African strikes, analysts said.
[]
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)
