* Gold drifts lower on weaker oil, firmer dollar
* Dollar gains after stronger-than-expected U.S. data
* Platinum off six-month low
(Recasts, adds comment, updates prices)
By Raissa Kasolowsky
LONDON, July 25 (Reuters) - Gold was softer on Friday,
coming under pressure from weaker oil prices and a stronger
dollar after better-than-expected economic data from the United
States.
Spot gold <XAU=> was down at $919.70/920.70 an ounce at 1419
GMT from $923.00/924.00 late in New York on Thursday.
"Gold is still taking its lead from the external drivers of
currency movements and oil price movements," said Suki Cooper,
analyst at Barclays Capital.
The dollar rose against the yen on Friday after a government
report showing an unexpected rise in durable goods orders and a
stronger-than-expected U.S. consumer sentiment reading for July
eased worries over the U.S. economy. []
A stronger greenback usually pressures gold, which is often
bought as an alternative investment to the U.S. currency.
Oil <CLc1> fell back below $125 a barrel on Friday,
extending a decline that has knocked more than $20 off prices in
two weeks. []
Gold typically moves in line with crude, as it is often
bought as a hedge against oil-led inflation.
PLATINUM
Platinum hovered just above a six-month low set on Thursday
when fears of weakening demand from car makers dragged down
prices.
"The metal has seen modest demand overnight and given
background fundamentals we anticipate strong bargain hunter
interest once prices stabilise," said TheBullionDesk.com analyst
James Moore in a research note.
Platinum prices have slipped sharply in the past two weeks,
and the precious metal is currently trading nearly 25 percent
below its March record high of $2,290 an ounce.
Spot platinum <XPT=> was at $1,710.50/1,720.50 an ounce
against $1,709.50.00/1,729.50 an ounce on Thursday. The metal
touched $1,701.50 an ounce, its weakest level since January 31,
on Thursday.
But palladium, which also touched a six-month low of $371.50
on Thursday, traded lower in line with gold.
"Supply is very healthy for palladium, and even though
demand is still robust it doesn't have the same supportive
fundamentals as platinum to limit downside risk," Cooper said.
Spot palladium <XPD=> traded lower at $378.50/386.50 against
$382.00/390.00 late in New York.
Among other precious metals, spot silver traded slightly
higher at $17.52/17.57 an ounce, against $17.34/17.40 on
Thursday.
(Editing by Nigel Hunt)
