* Gold climbs on Iran-U.S. tension
* Falling global equities support prices
* Platinum recovers on South African supply worries
(Recasts, changes dateline, pvs SINGAPORE)
By Raissa Kasolowsky
LONDON, July 10 (Reuters) - Gold rose in Europe on Thursday
as investors turned to bullion as a safe haven in the face of
rising tension between Iran and the United States and as equity
markets fell.
Gold <XAU=> rose to $929.90/930.10 at 0940 GMT from
$926.90/928.10 an ounce late in New York on Wednesday.
"One thing pushing the gold price up is the Iran crisis, and
the second thing is the off-coming stock prices," said Michael
Kempinski, a trader at Commerzbank. "There are probably some
funds trying to park money in different areas and so they are
probably going for gold at the moment."
World stocks fell towards this week's 21-month low as fresh
concerns resurfaced over the financial sector, fuelling buying
of gold as an alternative investment. []
The precious metal also took support from news that Iran
test-fired more missiles in the Gulf on Thursday, state media
reported, a day after drawing Western criticism for testing nine
missiles. []
"Gold is always a kind of save-haven investment for
political crises," Kempinski said.
BERNANKE EYED
Investors are now awaiting an appearance by Federal Reserve
Chairman Ben Bernanke and Treasury Secretary Henry Paulson
before the House Financial Services Committee later on Thursday,
when they are due to testify on regulatory restructuring.
"This could also influence sentiment in the broader
commodities market," said Tom Kendall, an analyst at Mitsubishi.
Their remarks may have a significant impact on the dollar,
which in turn will influence gold. The precious metal typically
moves in the opposite direction to the dollar, as it is often
bought as a currency hedge.
The U.S. currency was little changed against the euro early
on Thursday.
Spot platinum <XPT=> firmed to $1,975.00/1,995.00 an ounce
from $1,958.50/1,978.50 late in New York. It hit a two-month low
of $1,936.50 on Tuesday on fears a slowing U.S. economy could
weaken demand from car makers.
"People are still looking at South Africa and seeing a lot
of operational risk down there, so that also gives some
support," Kendall said.
Palladium <XPD=> was up at $443.00/451.00 against
$442.00/450.00 on Wednesday.
Spot silver <XAG=> was slightly higher at $18.19/18.24 from
$18.09/18.15.
(Editing by Christopher Johnson)
