* Gold dips on firmer dollar, platinum hits 4-week low
* Investors await clues on future of U.S. monetary policy
* Silver below $18
(Updates prices)
By Lewa Pardomuan
SINGAPORE, July 7 (Reuters) - Gold slipped on Monday as the
dollar crept up against the euro, reducing the metal's appeal
as an alternative investment, while platinum dropped to its
lowest level in almost four weeks on fears of weakening demand.
Gold <XAU=> fell to $925.25/926.25 an ounce from
$932.00/933.00 an ounce in London on Friday. U.S. markets were
closed on Friday for the Independence Day holiday.
Trading was muted before U.S. players returned to the
market after the holiday. Dealers expected gold to trade in a
range of $920 to $940 range with movements in the dollar likely
to offer direction.
Spot platinum <XPT=> hit a low of $1,991.50 an ounce, its
lowest level since June 12, down from $1,999.00/2,019.00 in
London on fears a slowing U.S. economy could hit demand for the
metal used in auto catalysts to cleanse fumes from motor
exhausts.
"Perhaps the general economic outlook is weighing on demand
and there are talks of slowing growth in demand for auto sales
in the U.S.," said Adrian Koh, analyst at Philip Futures in
Singapore.
"Platinum seems technically weak at the moment and has
moved below the important $2,000 level. So, the next level I am
looking at is $1,950," he said.
Platinum has lost 13 percent in value since hitting a
record of $2,290 in March. The metal, also used in jewellery,
had rallied after a power crisis in main producer South Africa
disrupted mining and sparked fears of a supply deficit.
"I am still longer-term positive on platinum and palladium.
At the moment, they look a bit top-heavy and could move lower.
But in the longer term, the trend is still slowing moving
higher," said Koh.
Spot palladium <XPD=> rose to $451.50/459.50 an ounce from
$450.00/455.00 an ounce.
The dollar edged up against the euro as investors waited
for clues about the future path of U.S. monetary policy from
top Federal Reserve officials including Chairman Ben Bernanke
this week. [].
Oil <CLc1> fell $1.59 to $143.73 a barrel, below an
all-time high of $145.85 hit on Thursday. []
"There's some selling from Japanese investors and oil
prices also fell but trading volume is not that big," said a
dealer in Hong Kong.
"I don't see physical buying because people are a bit
bearish. I mean, they will be waiting for the price to fall
further before buying again," he said.
Gold futures for August delivery <GCQ8> on the COMEX
division of the New York Mercantile Exchange fell $6.4 an ounce
to $927.1.
Silver <XAG=> fell to $17.91/17.97 an ounce from
$18.02/18.12 late in London -- well below an 11-week high of
$18.46 hit last week.
The most active Tokyo platinum contract for June 2009
delivery <0#JPL:> on the Tokyo Commodity Exchange ended the
morning session 35 yen per gram lower at 6,808 yen, reflecting
weakness in cash market.
Precious metals prices at 0253 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 925.75 -6.55 -0.70 11.17
Spot Silver 17.91 -0.14 -0.78 21.26
Spot Platinum 1993.00 -4.50 -0.23 31.12
Spot Palladium 451.00 -0.50 -0.11 22.55
TOCOM Gold 3225.00 -10.00 -0.31 5.39
15167
TOCOM Platinum 6808.00 -35.00 -0.51 27.51
11918
TOCOM Silver 625.50 -5.00 -0.79 15.62
311
TOCOM Palladium 1588.00 -20.00 -1.24 17.54
667
Euro/Dollar 1.5641
Dollar/Yen 107.09
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Michael Urquhart)
