* Euro hits 5-mth high vs dollar after ECB tender results
* Dollar index at 8-month low * Markets reacts calmly to Irish bank bailout tap, Spain cut
* World stocks set to post best quarterly gains in a year
By Dominic Lau
LONDON, Sept 30 (Reuters) - The euro rose to a five-month high against the dollar on Thursday, helped by signs that banks are becoming less dependent on official support and a slight easing in concerns over Ireland and Spain.
World stocks, however, were flat on the last trading day for what is set to be the best quarter in a year, and there was a 28 percent fall for Irish lender Allied Irish Banks after the government said it was taking a controlling stake.
Gold hit a record high of $1,314.85 per ounce. The precious metal has risen for eight straight quarters and is up 5.9 percent in July-September on concerns of the prospect of more moves by the U.S. to pump money into the economy.
Results of a tender for ECB six-day money -- where banks took far less than expected -- also helped ease concerns about the European banking sector and Ireland's putting of a price tag of more than $68 billion on bailing out its own lenders.
"The meltdown of Anglo Irish (Bank) has been a considerable shock for Ireland, but with a credible rescue plan, it limits the risk of negative surprises going forward, and that in a sense is bringing relief to the market," said Philippe Waechter, head of economic research at Natixis Asset Management.
The euro rose 0.3 percent to $1.3664, after hitting $1.3671, its highest since April 12, having fallen on the initial announcement that the cost of Ireland's bailout was rising.
Most of what was said had been priced in, however, and the euro remains in bullish form, up nearly 12 percent against the dollar this quarter, its best quarterly gains since 2002.
8-MONTH MINIMUM
The dollar hit an eight-month low against a basket of major currencies and the yen fell 0.5 percent to 83.30 yen, edging close to the level on the day when Tokyo intervened in the foreign exchange market to curb the yen's strength.
The dollar has been weighed down by concerns of further quantitative easing by the Federal Reserve, which wants to stimulate a flagging economic recovery.
Markets also reacted calmly to Moody's downgrade of Spain to Aa1, the third agency to remove its top-notch triple-A credit rating in what was a widely expected move.
The premium for holding peripheral government bonds rather than euro zone benchmark German Bunds fell, with the Spanish/German 10-year bond spread narrowing to 191 basis points versus 198 bps on Wednesday. The equivalent Irish spread down 9 bps to 457 bps.
"The (Irish) headline of a deficit of 30 percent is somewhat scary. But ... there is no funding need from the recapitalisation, so Ireland doesn't have to come to the market and won't for the rest of the year," Christoph Rieger, a strategist at Commerzbank in Frankfurt said.
Spain's IBEX 35 index was flat and Ireland's share benchmark fell 0.4 percent, while the pan-European FTSEurofirst 300 dipped 0.1 percent.
STRONG Q3 FOR STOCKS
World stocks measured by the MSCI All-Country World Index were flat, though are up 14 percent this quarter and heading for their best quarterly performance in a year.
U.S. stock index futures eased around 0.1 percent, indicating a softer opening for Wall Street, ahead of the final reading of the U.S. second-quarter GDP data and weekly jobless claims. Federal Reserve Chairman Ben Bernanke's is also testifying to the Senate's Banking Committee.
Japan's Nikkei average slid 2 percent but still booked its best month since March on expectations that the central bank will ease policy further and that the yen's rapid rise could be curbed by more intervention by the authorities.
Oil prices rose 0.7 percent to above $78 a barrel, while copper advanced 1.4 percent for a nearly 24 percent rise this quarter, their best three-month performance in a year. (Additional reporting by George Matlock, William James, Jessica Mortimer and Blaise Robinson; Graphics by Scott Barber; editing by Patrick Graham)