SINGAPORE, Sep 17 Gold rose on Monday but hovered below last week's 16-month high, while

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SINGAPORE, Sep 17 (Reuters) Gold rose on Monday but hovered below last week's 16-month high, while platinum fell to its lowest in nearly three weeks in the absence of Japanese players.

-- Spot gold gained to $708.50/709.20 an ounce from $707.30/708.10 an ounce late in New York on Friday. Gold rallied to its highest level since mid-May 2006 at $717 on safe haven buying on Friday, but gave back some of the gains in late trade.

-- Investec Australia pegged support at $700 and resistance at $715 an ounce.

-- Japanese financial markets were closed on Monday for a public holiday. The benchmark August 2008 gold futures <0JAU:> on the Tokyo Commodity Exchange ended unchanged at 2,634 yen per gram on Friday.

-- The U.S. dollar was mostly steady on Monday but stayed uncomfortably close to record lows against the euro on expectations of an imminent cut in U.S. interest rates, with more to come in the months ahead.

-- The euro was steady at $1.3858 -- within striking distance of last week's all-time highs around $1.3927.

-- Expectations are high the Federal Reserve will cut the 5.25 percent funds rate by at least 25 basis points to help cushion the economy from the impact of the credit squeeze and housing slump.

-- Platinum hit intraday low of $1,262 an ounce, its lowest since Aug. 31, before rebounding to $1,297/1,302 an ounce, unchanged from late New York levels.

-- Japan's Daihatsu Motor Co. Ltd. <7262.T> said it had developed a technology to make fuel cells without platinum, the precious metal used in the electrolyte process in existing hydrogen-based fuel cells.

-- Palladium fell to $328/333 an ounce from $330/334 late in New York.

-- Silver inched up to $12.60/12.64 an ounce from $12.52/12.57 an ounce.

Precious metals prices at 0052 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 708.70 2.00 +0.28 11.48 Spot Silver 12.60 0.15 +1.20 -1.95 Spot Platinum 1297.00 6.00 +0.46 14.58 Spot Palladium 328.00 -2.00 -0.61 -1.20 TOCOM Gold 2634.00 0.00 +0.00 7.73 63871 TOCOM Platinum 4747.00 -14.00 -0.29 11.59 23092 TOCOM Silver 464.30 -0.40 -0.09 -5.88 1042 TOCOM Palladium 1243.00 -1.00 -0.08 -0.96 224 Euro/Dollar 1.3866 Dollar/Yen 115.28 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce.

REUTERS RC VP0700

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