* Platinum hits highest since Sept. 30
* SPDR Gold Trust holdings eased on Wednesday
* GRAPHIC-Plat/palladium ratio: http://tmsnrt.rs/1QjSZAC
(Adds comment, details, updates prices)
By Eileen Soreng
Oct 24 (Reuters) - Gold held in a narrow range on Thursday
as investors eyed a European Central Bank meeting to gauge its
stance on monetary policy, while platinum was perched above $900
an ounce after jumping as much as 3% in the previous session.
Spot gold XAU= fell 0.1% to $1,490.16 per ounce as of 1057
GMT. U.S. gold futures GCcv1 dipped 0.2% to $1,492.70.
"We're in a holding pattern right now, waiting to see what
happens with the ECB, and the U.S. Federal Reserve next week ...
There aren't many expectations for any change in (ECB) policy,
but there might be some forward guidance and the market is
waiting on that," ING analyst Warren Patterson said.
The ECB is all but certain not to make any policy change on
Thursday, six weeks after unveiling a package including new
asset purchases worth 20 billion euros ($22 billion) a month, a
rate cut and a pledge to open the money taps further if needed.
Euro zone business activity stagnated in October as demand
withered, according to a survey published on Thursday.
"Global growth continues to slow down and rates are going to
continue to fall and this basically strengthens the case for
having gold as a diversifier in investor portfolios," UBS
strategist Joni Teves said.
"Gold could trade quite comfortably over $1,600 over the
next 12 months."
Investors also await the U.S. Fed's meeting on Oct. 29 and
30, when it is expected to cut its benchmark interest rate.
Traders sought clarity on Brexit after the European Union
delayed a decision on granting Britain an extension.
Elsewhere, platinum XPT= was down 0.1% at $914.33 per
ounce, after climbing to its highest in more than three weeks at
$925.76 earlier in the session. It had risen as much as 3% on
Wednesday.
Platinum's move could in part have been driven by a report
that U.S. Commerce Secretary Wilbur Ross has suggested new
negotiations with the EU could be an alternative to imposing
tariffs on automotive imports next month, said Samson Li, a Hong
Kong-based precious metals analyst at Refinitiv GFMS.
Platinum and palladium are primarily used by automakers in
catalytic converters.
"Platinum is also expected to benefit from positive
spillovers from gold. However, its sizeable and rising
above-ground stocks will remain a key headwind over the rest of
2019 and in 2020," Metals Focus said in a weekly note.
Palladium XPD= , which hit a record high of $1,783.21 last
week, was steady at $1,741.78.
Silver XAG= fell 0.1% to $17.53 per ounce.
($1 = 0.8988 euros)