* Gold edges up as oil steadies after falls * Platinum up 2 pct on bargain hunting * Johnson Matthey expects 2 pct rise in autocatalyst demand (Updates prices) By Lewa Pardomuan SINGAPORE, Nov 19 (Reuters) - Gold edged up on Wednesday to track a slight rebound in oil, while platinum gained 2 percent following a mine closure in South Africa and a supply and demand report that showed demand for autocalysts could still rise. Dealers noted speculative buying in Japan and Hong Kong after Lonmin (LMI.L: Quote, Profile, Research, Stock Buzz), the world's third-biggest platinum producer, closed high-cost minesand said it was cutting costs to survive a market downturn. [ID:nLI461697] Precious metals refiner Johnson Matthey (JMAT.L: Quote, Profile, Research, Stock Buzz) said global demand for platinum catalytic converters would climb 2 percent in 2008 on higher consumption in Europe and emerging economies, despite a sharp decline in North America. [ID:nN17507840] "Their price forecast of $700 to $1,400 is very reasonable. But there's no actual demand at this moment. Jewellery and auto companies are not buying," said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo. Despite the gains, fears about the future of the financially ailing General Motors (GM.N: Quote, Profile, Research, Stock Buzz) weighed on the market and could trigger another bout of selling, he said. "Tomorrow or the day after, the situation will gradually change," said Sonoda. Platinum was trading at $846.00 an ounce, up $19.50 from New York's notional close on Tuesday, when it gained around 2 percent. Johnson Matthey expected platinum to fall to $700 over the next sixmonths if the economic crisis continues. [ID:nLI659838] U.S. auto executives warned Congress on Tuesday their industry was teetering on the brink of disaster as they pleaded for a $25 billion aid package despite political opposition to another multibillion-dollar government bailout. [ID:nN18548335] More than 60 percent of global platinum use goes to autocalysts to clean exhaust fumes. Gold, whose movements often dictate platinum, held near New York levels. Cash gold was trading at $739.20 an ounce, up $2.40 from New York's notional close on Tuesday, which was also due to a weaker dollar against the euro. Platinum roared to record of $2,290 in March as a power shortage in main producer South Africa disrupted mining. But prices have tumbled since then on deteriorating car sales, and platinum also tracked declines in gold amid the banking crisis and the global economic slowdown. "Reading the JM report, we are around the lower ranges of $700 to $1,400, so hopefully this would provide a bit of a positive sentiment for platinum and maybe we could see prices slowly drifting higher on the expected deficit," said a dealer in Singapore. "Gold will trade in a narrow range of $710 to $750. Despite all the positive news on gold or platinum, we still have to monitor what's happening in the financial crisis as I think that it is still the big factor that may weigh down on everything." Oil CLc1 was little changed above $54 a barrel on Wednesday ahead of data expected to show U.S. crude stocks rose last week. [O/R] The euro edged up to $1.2632 . New York gold futures GCZ8 rose $6.3 an ounce to $739.1. Precious metals prices at 0200 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 739.20 2.40 +0.33 -11.23 Spot Silver 9.62 0.01 +0.10 -34.87 Spot Platinum 846.00 19.50 +2.36 -44.34 Spot Palladium 213.00 -0.50 -0.23 -42.12 TOCOM Gold 2295.00 -3.00 -0.13 -25.00 13091 TOCOM Platinum 2663.00 96.00 +3.74 -50.12 7071 TOCOM Silver 299.30 6.80 +2.32 -44.68 229 TOCOM Palladium 681.00 11.00 +1.64 -49.59 341 Euro/Dollar 1.2619 Dollar/Yen 96.56 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce. (Editing by Clarence Fernandez)

Source