UPDATE 6-Platinum slides on bleak outlook for carmakers

                                
 * Platinum group metals slide on poor results from carmakers
                                
 * Traders await U.S. car sales data later on Friday
                                
 * Gold, silver recover earlier losses as oil rises
  
                                
 (Recasts gold comment, updates prices)
                                
 By Jan Harvey
                                
 LONDON, Aug 1 (Reuters) - Platinum slid nearly 7 percent and
palladium by more than 6 percent on Friday as a spate of poor
results from the automotive sector and firmer oil prices
triggered a sell-off.
                                
 Gold recovered earlier losses, however, as oil prices rose,
boosting interest in commodities and fuelling fears over
inflation, and as the dollar steadied.
                                
  Spot platinum <XPT=> was down at $1,644.50/1,664.50 an
ounce at 1507 GMT from $1,749.50/1,769.50 late in New York on
Thursday. Earlier it touched a session low of $1,629.00, its
weakest level since January 25.
                                
 Spot palladium <XPD=> fell to $363.50/371.50 an ounce from
$379.50/387.50 on Thursday. It touched a seven-month low of
$356.00 earlier in the session.
                                
 "Everybody expects car demand to be very low and the higher
oil price will dampen it further," said Commerzbank analyst
Eugen Weinberg.
                                
 Fears over the health of carmakers, which consume around 50
percent of the world's platinum each year, were fuelled after
General Motors Corp <GM.N> posted a $15.5 billion quarterly loss
on Friday.
                                
 The company's North American sales dropped by 20 percent and
plunging prices for SUVs prompted deep charges for its auto
finance business. [ID:nN01288721]
                                
 Earlier in the session Germany's BMW <BMWG.DE> also issued a
profit warning and Japan's Nissan <7201.T> missed quarterly
operating profit forecasts. [ID:nL1664534]
                                
 Traders are awaiting U.S. car sales data for July, due later
in the session.
                                
 Figures from Spain released Friday showed its car sales fell
27.5 percent in July, while French sales also declined.
[ID:nMDT005476]
                                
 
                                
 BULLION RECOVERS
                                
 Gold recovered earlier losses, as oil prices climbed almost
$3 a barrel and as the dollar steadied, giving up earlier gains,
in the wake of the closely watched monthly non-farm payrolls
data.
                                
 A stronger dollar tends to pressure bullion, as it crimps
buying of the precious metals as an alternative investment.
[ID:nN01445843]
                                
 Oil prices bounced higher on Friday afternoon, gaining more
than $3 a barrel, led by a surge in gasoline futures and amid
supply fears fuelled by tensions in the Middle East.
[ID:nSP263767]
                                
 Negative sentiment in commodity markets over the past month
can be seen in the performance of indices such as the S&P GSCI
<.SPGSCITR> and the Reuters-Jeffries CRB Index <.RJCRBTR>.
[ID:nL03787750]
                                
 Gold <XAU=> was at $913.40/914.40 an ounce against
$913.45/914.65 an ounce on Thursday, when it had a volatile
session, trading in a wide $20 range.
                                
 Silver <XAG=> was lower at $17.65/17.71 an ounce from
$17.71/17.77.
 (Reporting by Jan Harvey; Additional reporting by Pratima
Desai; Editing by Nigel Hunt)