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BLBG: Gold Declines in London as Dollar Gains; Platinum at 3-Year Low
By Rachel Graham

Oct. 6 (Bloomberg) -- Gold fell for a fifth session in London as the dollar strengthened, curbing demand for the metal as an alternative investment. Platinum fell to a three-year low.

The dollar rose to a 13-month high against the euro as the deepening credit crisis prompted European governments to pledge bailouts for troubled banks. They stopped short of announcing measures mirroring the U.S.'s $700 billion rescue. HSBC Holdings Plc cut its forecast for European economic growth next year as the financial turmoil spreads.

``The crisis is breaking out in Europe on a large scale,'' Sagiv Peretz, a senior dealer at trading-system operator Finotec Trading U.K. Ltd., said by phone from London. ``That is helping the dollar and pushing gold lower.''

Gold for immediate delivery fell $3.85, or 0.5 percent, to $831.65 an ounce in London as of 9:10 a.m. local time. Futures for December climbed 0.1 percent to $834 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.

Platinum for immediate delivery fell as much as $33.20, or 3.5 percent, to $928.80 an ounce in London. That's the lowest compared with intraday prices since Nov. 11, 2005. It traded at $944.50 an ounce as of 9:10 a.m. local time.

Platinum, used in car catalysts and jewelry, has fallen from a record $2,301.50 an ounce on March 4. Automakers account for more than 60 percent of global platinum use, according to London- based metals trader Johnson Matthey Plc.

Jewelry's Role

The drop is partly due to falling car sales but lower jewelry demand is ``of more fundamental importance'' to the drop in the platinum price, Societe Generale SA analysts including Frederic Lasserre said in a research report today.

The amount of the metal used in jewelry will fall 26 percent to an estimated 1.1 million ounces this year, compared with 1.48 million ounces last year, the bank said.

The amount used in car exhaust systems will fall 1.2 percent to an estimated 3.30 million ounces from 3.34 million ounces last year, the report said. This excludes scrap metal.

Among other metals for immediate delivery, silver fell 23 cents, or 2.1 percent, to $10.91 an ounce and palladium rose $3.75, or 1.9 percent, to $202.75.

To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net