* Gold comes under pressure as dollar swings higher
* Platinum hits highest since July 2008, palladium 2-yr peak
* GFMS says platinum will stay in surplus in 2010
* Consultancy sees palladium better placed fundamentally
(Releads, updates prices, adds detail)
By Jan Harvey
LONDON, April 22 (Reuters) - Gold fell below $1,140 an ounce
in Europe on Thursday as the dollar hit session highs versus the
euro after data showed U.S. jobless claims dropped last week,
with fears over Greece also pressuring the single currency.
Spot gold <XAU=> was bid at $1,139.35 an ounce at 1256 GMT,
against $1,145.30 late in New York on Wednesday. U.S. gold
futures for June delivery <GCM0> on the COMEX division of the
New York Mercantile Exchange fell $9.30 to $1,139.50 an ounce.
The dollar extended gains after the jobless claims data,
having risen already against the euro after data showed Greece's
budget deficit was worse than expected, highlighting fears the
Greek debt crisis may impact other euro zone countries. []
Such concerns sometimes benefit gold as a haven from risk,
but currencies are currently to the fore. In the longer run,
concern over sovereign debt may lift gold, analysts said.
David Wilson, an analyst at Societe Generale, said despite
gold's correction on Thursday, it had trended higher on a number
of occasions despite a strengthening dollar.
"The relationships and the drivers for gold are changing
over time," he said. "There is enough nervousness out there in
terms of what is happening in Europe to spark some degree of
support for safe-haven assets."
"That is why we are seeing the dollar supported, and for the
same reasons we should see gold supported."
The dollar's move higher also pressured other precious
metals, with platinum retreating from its highest level since
mid-2008 at $1,751.50 an ounce and palladium falling back from a
two-year peak of $569, both reached in Asian trading hours.
For a graphic showing the ratio of platinum to gold prices,
click on:
http://graphics.thomsonreuters.com/gfx/SBrb_20102204103742.jpg
Further gains are forecast for both this year, however.
"Platinum and palladium are being driven by two major points
-- investment demand, which is still quite high, and the
industrial character of the metal at a time when the economy is
recovering," said Commerzbank analyst Daniel Briesemann.
PLATINUM SEEN IN SURPLUS, SAYS GFMS
The platinum market is set to remain in surplus again this
year, although to a lesser extent than in 2009, metals
consultancy GFMS said in its 2010 Platinum & Palladium report.
The market balances of both platinum and palladium are
expected to tighten a little this year as the automotive
industry recovers after last year's slump, but an expected drop
in jewellery buying may curb platinum demand. []
In an interview with Reuters, GFMS consultant Peter Ryan
said platinum's sister metal palladium was in the stronger
position from a fundamental point of view, and could hit highs
last seen in 2001.
A rise in car production after last year's slump is leading
to more industrial offtake of the metals, especially in China,
but speculation there will be further strong gains later in the
year is also fuelling investment ahead of the curve.
"Investors are still buying platinum and palladium in
expectation of a further increase in demand," said Commerzbank's
Briesemann. "If you look at Chinese car sales, they are still
showing growth, so there is certainly real demand."
Platinum <XPT=> was at $1,724 an ounce against $1,731, while
palladium <XPD=> slipped to $554.50 an ounce from $563. Silver
<XAG=> was bid at $17.87 an ounce against $18.03.
(Editing by Michael Hogan)
