SINGAPORE, Sep 12 Gold fell on Wednesday as investors booked profits after pushing up the

Subscribe to Oneindia News

SINGAPORE, Sep 12 (Reuters) Gold fell on Wednesday as investors booked profits after pushing up the price to a 16-month high around $714 an ounce the previous day, while Tokyo futures hit their highest in nearly seven weeks on firmer oil.

-- Spot gold fell to $710.40/711.20 an ounce from $711.90/712.50 late in New York on Tuesday, when it rallied to its best level in 16 months at $714.20 on a weaker dollar and chart-based buying.

-- The benchmark August 2008 gold futures <0JAU:> on the Tokyo Commodity Exchange rose 40 yen per gram to 2,635 yen per gram, its loftiest level since July 26.

-- The latest data showed that bullion held to back StreetTRACKS Gold Shares , the world's largest gold exchange-traded fund, surged to a record level of 558.65 tonnes. The current level was nearly 50 tonnes higher compared with a month earlier. -- In official gold sales, the European Central Bank said on Tuesday that gold and gold receivables held by euro zone central banks fell by 60 million euros to 171.94 billion euros in the week ending Sept. 7.

-- The euro was little changed at $1.3837 , holding near a record high of $1.3853 struck on electronic trading platform EBS in July. The dollar slipped to 114.20 yen from around 114.30 yen in late New York.

-- Dealers expect the Federal Reserve to cut the 5.25 percent benchmark federal funds target rate by at least a quarter percentage point next Tuesday.

-- U.S. crude oil futures were littlechanged above $78 a barrel on Wednesday after Tuesday's recordhigh settlement, which came even as OPEC agreed to raise outputon expectations U.S. data will show an extended fall in crude and gasoline stocks.

-- Platinum rose to $1,299/1,304 an ounce from $1,298.50/1,305.50 late in New York.

-- Palladium was steady at $332/337 an ounce.

-- Silver was unchanged at $12.66/12.71 an ounce, within sight of a four-week high of $12.78 hit on Tuesday.

Precious metals prices at 0048 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 710.40 -1.30 -0.18 11.75 Spot Silver 12.66 -0.01 -0.08 -1.48 Spot Platinum 1299.00 1.90 +0.15 14.75 Spot Palladium 332.00 -0.40 -0.12 0.00 TOCOM Gold 2635.00 40.00 +1.54 7.77 25306 TOCOM Platinum 4756.00 49.00 +1.04 11.80 8621 TOCOM Silver 468.80 7.50 +1.63 -4.97 759 TOCOM Palladium 1247.00 10.00 +0.81 -0.64 116 Euro/Dollar 1.3830 Dollar/Yen 114.15 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce.

Reuters TB VP0645

Please Wait while comments are loading...