Gold dipped on Tuesday on falling oil prices, with trading thin ahead of a slew of economic data from the U.S. and before the Christmas holiday. With the U.S. dollar only slightly weakened, gold took its cue from falling oil prices that have all but eliminated talk that inflation, typically an incentive to buy bullion, might return in the current economic climate. Spot gold was at $844.75/846.75 an ounce at 1141 GMT, compared with $847.10 an ounce late in New York on Monday, and is little changed from its close in 2007 of $833.20 an ounce. "Gold looks like the only commodity that is going to end the year essentially unchanged," said Nick Moore, strategist at RBS Global Banking & Markets. "Given what has happened this year this is a very impressive performance from gold, particularly when you look at the drubbing that its side bearers -- silver, platinum and palladium -- have had," he said. The market will be looking for guidance from U.S. third-quarter GDP data, new and existing home sales for November and consumer sentiment figures for December. Dealers said confirmation of a 0.5 percent fall in final U.S. third-quarter GDP data could drive more investors into bullion, which has rallied 12 percent in just over two weeks as risk-averse investors seek out a safe haven to end a tumultuous 2008. A national holiday in Japan sharply reduced liquidity in bullion markets across Asia. "The precious complex has become more range bound over the past 24 hours as traders begin to wind down ahead of the Christmas holiday, echoing sentiment in other sectors," TheBullionDesk.com said in a note. "Given the thin (trading) conditions we would look for the range bound mood to continue, although traders will continue to monitor the currencies, tracking the dollar's reaction to today's economic data." The dollar edged lower against the euro and a basket of currencies in thin trade as worries mounted about the depth of the U.S. recession. [USD/] U.S. crude for February delivery down 16 cents at $39.75 a barrel by 1143 GMT. Gold is getting some support from the jewellery sector, on seasonal purchases of 9 and 18 carat gold, and on buying ahead of the Chinese New Year. Platinum group metals (PGMs), used in vehicle catalytic converters, have been lifted by the $17.4 billion U.S. auto bailout plan although concerns still remain about carmakers elsewhere. Toyota Motor Corp <7203.T>, the world's largest auto maker, on Monday cut its global auto sales forecast by 8.5 percent for the year ending March 2009. [ID:nTKB003181] "The market is also a little bit concerned about a hiatus in Russian shipments in the new year," said Moore. Russia, a major PGM supplier, may face delays in exports next year due to red tape, the former monopoly export agency said on Monday. [nLM610512] Spot platinum rose to $853.00/858.00 from $848.50, spot palladium was at $170.5/175.5 from $170.00, while silver was at $10.78/10.86 versus $10.81.

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