TOKYO, Sep 19 Gold extended gains on Wednesday after the U.S. Federal Reserve trimmed the

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TOKYO, Sep 19 (Reuters) Gold extended gains on Wednesday after the U.S. Federal Reserve trimmed the benchmark interest rate by half a percentage point, while Tokyo futures hit a 22-year high.

-- Spot gold stood at $721.90/722.60 an ounce as of 0121 GMT, versus $719.30/$720.30 in late New York.

-- It earlier rose to a fresh 16-month high of $726, topping Tuesday's peak of $724.10.

-- The most active gold futures contract for August 2008 delivery <0JAU:> on the Tokyo Commodity Exchange stood at 2,720 yen a gram, up 48 yen or 1.8 percent from the previous close.

-- It has risen as high as 2,724 yen, the highest for any benchmark since September 1985.

-- U.S. gold futures surged to a 28-year high in electronic trading after the Federal Reserve slashed the benchmark interest rate in a bid to boost the economy.

-- The dollar hit a 15-year low against a basket of currencies on Wednesday, extending its slide from the previous day after the Fed's surprise rate cut.

-- Cash platinum traded at $1,300/1,305 an ounce, compared to $1,301.30/1,308.30 in late New York.

-- Spot silver was at $12.98/13.01 an ounce from $12.96/13.01 in New York.

-- Spot palladium rose to $333/335 an ounce, from $329/333.

Precious metals prices at 0127 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 722.20 -1.20 -0.17 13.61 Spot Silver 12.97 0.01 +0.08 0.93 Spot Platinum 1300.00 -1.10 -0.08 14.84 Spot Palladium 330.00 -0.45 -0.14 -0.60 TOCOM Gold 2722.00 50.00 +1.87 11.33 45295 TOCOM Platinum 4826.00 56.00 +1.17 13.45 12840 TOCOM Silver 486.70 12.50 +2.64 -1.34 767 TOCOM Palladium 1250.00 8.00 +0.64 -0.40 140 Euro/Dollar 1.3965 Dollar/Yen 116.02 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce.

REUTERS RC BST0720

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