UPDATE 5-Gold falls 1 pct on firm dollar, commodity sell-off

* Gold slides 1 pct as dollar hits 5-month high vs euro

* Commodity weakness spurs selling of gold

* Platinum steadies, consolidating below $1,600

(Recasts, updates throughout, changes dateline, pvs SINGAPORE)

By Jan Harvey

LONDON, Aug 8 (Reuters) - Gold slipped 1 percent in Europe on Friday as the dollar firmed to a five-month high against the euro, denting the precious metal's appeal as a currency hedge, and as oil prices fell.

Gold <XAU=> was at $863.25/864.25 an ounce at xx GMT, down from $871.05/872.45 late in New York. Earlier the metal hit a session low of $862.00 an ounce, an eight-week trough.

The dollar also surged against the pound, while the dollar index struck a five-month high as the economic global slowdown dented confidence in other currencies. [ID:nL8517510]