* Gold dips under $930 after U.S. payrolls data
* Euro pressured by Trichet comments; dollar gains
* Turkish gold imports resume in June
(Updates prices, adds comment, detail of U.S. payrolls data)
By Nick Vinocur and Jan Harvey
LONDON, July 2 (Reuters) - Gold fell below $930 per ounce on
Thursday as the dollar rose versus a basket of six currencies
after a larger than expected dip in U.S. non-farm payrolls,
which prompted some buying of the currency as a haven from risk.
The euro also extended losses against the dollar after
European Central Bank chief Jean Claude Trichet said euro zone
activity was likely to be weak for the rest of the year. []
Spot gold <XAU=> fell to a low of $926.10 and was at $930.30
at 1516 GMT, versus $939.95 late in New York on Wednesday.
"The dollar has gone up because the data has made everyone
nervous, buying government bonds as a safe-haven asset," said
Matthew Turner, an analyst at VM Group.
U.S. employers cut 467,000 jobs in June, far more than
expected, while the unemployment rate rose to 9.5 percent.
The worse-than-expected data spurred safe-haven flows into
the dollar, making gold pricier for holders of other currencies.
Riskier assets, such as equities and some currencies,
slipped in the wake of the numbers. While gold is often seen as
a safe haven asset, moves in the dollar are taking precedence as
the metal's main price driver.
Ongoing volatility in the currency markets is set to benefit
gold, according to traders.
"I expect gold to recover ground as people look for
alternatives to currencies," said Simon Weeks, head of precious
metals at the Bank of Nova Scotia. "For the time being, though,
we still remain in a $915-945 range."
DEMAND OUTLOOK GRIM
U.S. gold futures for August delivery <GCQ9> fell to $930.10
an ounce, down more than 1 percent from the settlement on the
COMEX division of the New York Mercantile Exchange.
Indian imports were likely down by more than half in June
from the same month a year ago, while imports into Turkey rose
to 4.336 tonnes in June from zero the previous month, according
to data from the Istanbul Gold Exchange. []
"The main story is in the physical market," said VM Group's
Turner. "Indian imports were half of what they were in 2008, and
in 2008 they were considered terrible."
"What that tells you that these (gold) prices are only
sustainable as long as precious metals are seen as a hedging
asset by the wider investment community."
Among exchange-traded funds, the SPDR Gold Trust, said
holdings were at 1,120.55 tonnes as of July 1, unchanged from
the previous business day. ETF Securities, however, said it saw
inflows into its three gold ETFs on Wednesday. []
The more industrial precious metals -- silver, platinum and
palladium -- also declined, pressured by the stronger dollar and
reflecting losses on the base metals market.
Spot silver <XAG=> dropped to $13.39 per ounce from $13.74
quoted in New York, while platinum <XPT=> fell to $1,185.50
against $1,198.50, and palladium <XPD=> dipped to $248 from
$252.00.
(Editing by Keiron Henderson)
