NEW YORK, Aug 27 (Reuters) - COMEX gold was lower early Tuesday, checked by surprisingly robust U.S. durable goods figures which bolstered financial market hopes that the economy was not stumbling into a double-dip recession.
At 0912 EDT, December gold was off $1 at $310 an ounce after looking firmer overnight. The range was $312.70-$309.60.
Spot gold was at $308.70/9.20 off from Monday's close at $309.45/95 and London's early bullion fix was at $309.40.
"The expectations for the stock market to hold and climb, the dollar to hold and climb -- that the economy is on a better footing that people had thought -- the reaction the bonds have taken, those have all weighed heavily on the gold market," said a floor broker.
The Commerce Department said early Tuesday that orders for long-lasting products from washing machines to aircraft surged 8.7 percent in July, the biggest jump since October 2001. That far exceeded expectations of a 1.2 percent increase.
Factoring out defense, durables were up a record 7.3 percent.
The Dow jones industrial average was up 70 points in early trade, adding to Monday's hard-fought 46 point gain.
The dollar firmed but then the euro rallied back, arming European investors with extra bullion purchasing power and putting a floor under gold's morning dip.
On Monday gold rallied as the Dow 30 fell sharply before climbing back. Higher oil prices also supported gold as did nervousness about war drums beating from the White House as Vice President Dick Cheney argued the case for a preemptive U.S. attack on Iraq to stop it from developing weapons of mass destruction.
But for now gold looks locked in a range between $305 and $320, with few New York players wanting to get very involved before the U.S. long weekend for Labor Day on Monday.
Near term, dealers said the levels to watch were $308 as support and $312.50 as resistance.
September silver was off 0.8 cent at $4.43 an ounce, stuck in a $4.46-$4.42 range, with the market watching Friday's six-month low at $4.38. Spot silver was at $4.42/44, off from $4.44/46 late Monday and the $4.44 fix.
NYMEX September palladium was up $10.65 at $345 an ounce, adding to Monday's $12.35 spike as funds kept buying. Spot last fetched $341/353.
October platinum was up $6.20 at $556 an ounce. Spot platinum was at $554/562.
"It's all strong buying in palladium right now," said Ralph D'Esposito of RJ Futures.