* Spot gold faces resistance at $1,352 an ounce -technicals
* Silver dips from Wednesday's more than three-week high
* Platinum and palladium off two-week highs of previous
(Adds quote, updates prices)
By Eric Onstad
LONDON, Sept 8 Gold dipped on Thursday after the
European Central Bank confirmed its existing stimulus programme
but refrained from extending it as some market players had
Shares also fell on disappointment that ECB chief Mario
Draghi said the bank had not even discussed an extension of
"People's expectations were again too high ahead of this
decision and they have been caught offside," said Craig Erlam,
an analyst with online broker Oanda.
Spot gold fell 0.1 percent to $1,344.25 an ounce by
1432 GMT, with U.S. gold futures also down 0.1 percent
The moves in gold were narrow, with bullion still gaining
support on the downside from a weaker dollar on views that the
U.S. central bank is in no hurry to raise interest rates.
Gold held most of its strong gains from Friday, when weak
U.S. jobs data led investors to bet that a September rate rise
was no longer on the cards, sending the dollar spiralling down.
"We had another couple of data points this week in the U.S.
that pointed perhaps to the economy not yet being strong enough
to sustain another interest rate rise in the short term," said
Mitsubishi analyst Jonathan Butler.
"With a week or so to go before the (Federal
Reserve)meeting, I think generally we'll see a supportive
environment for gold, but also quite a bit of choppy trading as
The dollar index, which measures the greenback
against a basket of currencies, was down 0.1 percent at 94.831,
paring its losses.
A weaker dollar makes gold less expensive for holders of
Spot gold faces resistance at $1,352 an ounce and could
either hover below this level or retrace to support at $1,327,
Reuters technical analyst Wang Tao said.
Platinum rose 0.3 percent to $1,088.20 an ounce,
having hit a two-week peak on Wednesday.
In its latest Platinum Quarterly report, the World Platinum
Investment Council forecast a 520,000-ounce deficit in the
platinum market this year, up from a 455,000-ounce shortfall
predicted three months previously.
Strategist Joni Teves at UBS was wary about any gains in
platinum based on a possible strike by miners in top producer
"Unless there are material signs of market tightness, we
think any significant upside move in platinum on the back of
industry action should ultimately be faded," she said in a note.
Palladium was up 0.2 percent at $688.40. On Wednesday
the metal scaled its highest in more than two weeks.
Spot silver shed 0.2 percent to $19.73, having
touched its highest in more than three weeks in the previous
($1 = 0.8852 euros)
(Additional reporting By Nallur Sethuraman in Bengaluru;
Editing by Dale Hudson and David Goodman)