* US fourth-quarter GDP revised down
* Gold up 6.5 pct for February
* Shanghai market trades at discounts with cash gold
* Coming up: US personal income Monday
(Adds comment, second byline, dateline, updates market
By Frank Tang and Clara Denina
NEW YORK/LONDON, Feb 28 Gold fell on Friday as
U.S. equities climbed, but the yellow metal still posted its
biggest monthly gain since July as persistent concerns about a
slowdown in the U.S. economy boosted bullion's safe-haven
Gold gained nearly 7 percent in February, its biggest
monthly rise in seven, mostly due to signs of economic weakness
in China and the United States as well as political and economic
turmoil in Ukraine.
"In general, whether it's Ukraine, the U.S. economic data or
worries about China, there seem to be a lot more reasons than
there were six weeks ago for looking at gold," Nomura analyst
Tyler Broda said.
Spot gold was down 0.5 percent at $1,324.26 an ounce
by 2:54 p.m. EST (1954 GMT), about $20 below a four-month high
of $1,345.35 struck on Wednesday.
U.S. COMEX gold futures for April delivery settled
down $10.20 at $1,321.60 an ounce, with volume about 10 percent
below its 30-day average, preliminary Reuters data showed.
Bullion fell as data showed the U.S. government slashed its
estimate for fourth-quarter economic growth on Friday in the
latest sign of a loss of momentum, but some tentative signs
emerged that suggested the worst of the slowdown may be over.
The gold market also ignored the dollar's fall to a
two-month low against the euro after data showed euro zone
inflation unexpectedly held steady this month and U.S. economic
growth was revised lower for the fourth quarter.
Premiums for gold bars in Hong Kong dipped to $1 an ounce to
the spot London prices from as high as $1.70 last week, which
reflected a slowdown in demand from China.
Weakening differentials between 99.99 percent purity gold
on the Shanghai Gold Exchange and cash gold
discouraged imports. On Friday, the Shanghai market was
trading at discounts to almost on par with cash gold.
Among other precious metals, silver dropped 0.6
percent to $21.12 an ounce. Platinum was down 0.4 percent
to $1,441.50 an ounce and palladium gained 0.3 percent
to$740.75 an ounce.
On Thursday, platinum group metals had risen about 1.5
percent after the second biggest platinum miner Impala Platinum
decided to declare force majeure on supply contracts,
which allows certain terms of an otherwise legally binding
agreement to be ignored.
2:54 PM EST LAST/ NET PCT LOW HIGH CURRENT
SETTLE CHNG CHNG VOL
US Gold APR 1321.60 -10.20 -0.8 1319.30 1333.60 117,832
US Silver MAR 21.204 -0.110 -0.5 21.070 21.390 1,470
US Plat APR 1446.80 -6.60 -0.5 1441.10 1456.80 13,069
US Pall MAR 743.85 1.60 0.2 741.60 746.95 463
Gold 1324.26 -6.80 -0.5 1319.95 1333.30
Silver 21.120 -0.120 -0.6 21.100 21.390
Platinum 1441.50 -5.57 -0.4 1443.00 1454.50
Palladium 740.75 2.35 0.3 742.50 745.00
TOTAL MARKET VOLUME 30-D ATM VOLATILITY
CURRENT 30D AVG 250D AVG CURRENT CHG
US Gold 135,058 149,591 186,040 16.08 -0.08
US Silver 38,865 74,512 57,624 25.73 -1.43
US Platinum 14,204 9,484 12,877 17.32 0.22
US Palladium 4,717 8,077 5,559 12.8 -1.44
(Additional reporting by Lewa Pardomuan in Singapore; Editing
by William Hardy, David Evans and Diane Craft)