UPDATE 5-Gold ends tad lower; physical buyers resurface

(Recasts, updates prices, market activity to New York close; adds second byline, dateline, previously LONDON)

By Frank Tang and Lewa Pardomuan

NEW YORK/LONDON, May 14 (Reuters) - Gold finished slightly lower on Wednesday after rebounding from a one-week trough when the dollar dipped against the euro and amid demand for gold from jewelers in Asia and the Middle East.

Spot gold <XAU=> hit a session low of $859.30 an ounce, its lowest level since May 5, and was last at 865.05/866.25 by New York's last quote at 2:15 p.m. EDT (1815 GMT), steady from $866.55/867.95 late in New York on Tuesday.

Dealers said that despite recent weakness, gold was unlikely to fall below $800 an ounce.

In other precious metals, platinum briefly dipped below $2,000 an ounce before rebounding on bargain hunting.

"The physical activity is quite good. It's not as good as it was a couple of weeks ago, but it's still reasonable," said Frederic Panizzutti, metals analyst at MKS Finance, referring to physical demand in Asia and the Middle East.

"We see, generally speaking, only little buying interest from Europe for either physical or non-physical. We expect the market to get back to gold and push it higher but you need to consolidate somewhere between $850 and $950."

Gold has fallen more than 16 percent since spiking to a lifetime high of $1,030.80 an ounce on March 17, hit by profit-taking and the dollar's recovery.