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

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 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