* U.S. weekly jobless claims lowest since 1969
* Platinum hits highest since mid-June
* SPDR gold holdings hit lowest since Dec. 17
(Updates prices, adds comments and details)By Sumita LayekApril 4 (Reuters) - Gold prices dipped to a four-week low onThursday as the dollar firmed after robust weekly jobless datafrom the United States while investors awaited clarity on theprogress of U.S.-China trade talks.Platinum jumped more than 1 percent to its highestsince mid-June at $892.05 an ounce.Spot gold was down 0.6 percent at $1,282.39 an ounceby 1349 GMT, having touched its lowest since March 5 at$1,280.59. U.S. gold futures fell 0.7 percent to$1,285.90."It's really just been a dollar story. U.S. dollar ispressuring the gold market," said Ryan McKay, commoditystrategist at TD Securities, adding that strong weekly joblessdata is also weighing on gold.The dollar was up 0.2 percent against a basket of currencies , making gold expensive for holders of other currencies. The number of Americans filing applications for unemploymentbenefits dropped to a more than 49-year low last week, pointingto sustained labour market strength despite slowing economicgrowth. Analysts now await non-farm payrolls data on Friday forfurther clues on the strength of the U.S. economy.In Europe, European Central Bank (ECB) policymakers debatedthe risk that ultra-low interest rates pose to banks when theymet in March and decided to push back any rate increase to nextyear, minutes of the meeting showed. In the short term, a dovish ECB is producing the strongerdollar dynamic and that is keeping a cap on gold here, McKaysaid, adding that dovish central banks will eventually bebullish for gold.
Investors are also closely watching developments in theU.S.-China trade conflict, with U.S. President Donald Trumpexpected to announce a date for a summit with Chinese PresidentXi Jinping. "There is a lot of optimism around the idea that we will seea peaceful resolution and some agreement really soon," saidMichael McCarthy, chief market strategist at CMC Markets.Holdings in the world's largest gold-backed exchange-tradedfund, SPDR Gold Trust , fell for a third straight sessionon Wednesday. Holdings were at their lowest since Dec. 17 at24.57 million ounces. Among other precious metals, spot platinum was lastup 1.4 percent at $886.68 an ounce. The auto-catalyst metaljumped 3.4 percent in the previous session, the most in morethan two years.Platinum is gaining because of the combination of momentumafter breaking the recent highs along with its relative valueagainst gold and palladium, said Saxo Bank analyst Ole Hansen."We have hit technical resistance at $892. If prices closeabove $875, platinum will climb from here," he said.Palladium was down 2.3 percent at $1,372.65 andsilver lost 1.3 percent to $14.94. (Reporting by Sumita Layek and Arijit Bose in BengaluruEditing by Dale Hudson and David Goodman)
Outside U.S. +91 8067491638; Reuters Messaging:Sumita.Layek.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.