* Weak platinum output in next few months underpins
* SPDR Gold Trust sees inflow of 5.69 tonnes
* Platinum hits 10-month highs above $1,500/oz
* Coming up: U.S. jobless claims Thursday
(New throughout, updates prices and market activity, adds
second byline and dateline)
By Frank Tang and Clara Denina
NEW YORK/LONDON, July 2 Platinum ended flat on
Wednesday as investors took profits after the precious metal
rallied to a 10-month high on lingering long-term supply worries
despite the end of a strike by South African miners.
Gold prices edged up on a second consecutive day of strong
buying by exchange-traded funds.
A five-month strike by South African platinum miners did
little to lift prices, as industrial users tapped above-ground
stocks and investors stayed on the sidelines. But analysts said
that when prices did not tumble after resolution of the strike
last week, buyers were encouraged.
"No-one quite knew how the price would react when the strike
ended, but if you're an investor, you don't want to take the
risk," Macquarie analyst Matthew Turner said.
"There's a growing realization that production is going to
be weaker for some time," he added.
Spot platinum inched down 40 cents to $1,502.50 an
ounce by 3:37 p.m. EDT (1937 GMT). It hit a session high of
$1,517.50, its highest since September, 2013.
The NYMEX platinum contract for October delivery
settled down 20 cents at $1,511.50 an ounce.
Spot palladium was up 0.3 percent at $852.75 an
Among other precious metals, spot gold edged up 0.1
percent to $1,327.21, while U.S. COMEX gold futures for
August delivery settled up $4.30 an ounce at $1,330.90.
Gold has benefited from a second day of inflows into the top
bullion-backed fund ahead of the U.S. jobs report. Holdings of
the SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, rose 5.69 tonnes to 796.39 tonnes on
Bullion drew support from a comment by Federal Reserve Chair
Janet Yellen that made investors more hopeful the U.S. central
bank will not raise interest rates soon.
Yellen said that heading off the U.S. housing bubble with
higher interest rates would have caused major economic damage.
She added that monetary policy faces "significant limitations"
as a tool to counter financial stability risks.
The yellow metal largely ignored a report showing U.S.
private-sector hiring hit a 1-1/2-year high in June, however.
Spot silver was up 0.5 percent to $21.12 an ounce.
3:37 PM EDT LAST/ NET PCT LOW HIGH CURRENT
SETTLE CHNG CHNG VOL
US Gold AUG 1330.90 4.30 0.3 1322.10 1333.20 106,385
US Silver SEP 21.302 0.185 0.9 20.960 21.335 40,432
US Plat OCT 1511.50 -3.50 -0.2 1501.00 1523.00 14,748
US Pall SEP 857.40 2.80 0.3 850.20 862.85 4,960
Gold 1327.21 1.77 0.1 1321.50 1331.90
Silver 21.120 0.110 0.5 20.880 21.270
Platinum 1502.50 -0.40 0.0 1499.00 1517.50
Palladium 852.75 2.95 0.3 851.25 860.00
TOTAL MARKET VOLUME 30-D ATM VOLATILITY
CURRENT 30D AVG 250D AVG CURRENT CHG
US Gold 117,057 121,063 164,685 13.83 0.13
US Silver 42,468 70,961 54,583 19.98 0.57
US Platinum 14,902 17,629 12,158 16.53 1.84
US Palladium 5,063 5,069 5,837 20.1 0.06
(Additional reporting by Clara Denina in London, A.
Ananthalakshmi in Singapore; Editing by David Evans, Keiron
Henderson and David Gregorio)