TOKYO, Oct 12 Gold fell on Friday in a correction after hitting a 28-year high the previo

Subscribe to Oneindia News

TOKYO, Oct 12 (Reuters) Gold fell on Friday in a correction after hitting a 28-year high the previous day, while platinum fell from a record high, but underlying sentiment stayed bullish on strong oil and a weak dollar.

-- Benchmark August Tokyo Commodity Exchange gold <0JAU:> reached a 22-{ year high and key TOCOM platinum futures <0JPL:> surged to a record high.

-- But cash gold and platinum slipped on profit taking ahead of the weekend after posting strong gains this week.

-- By 0056 GMT, bullion was trading at $746.80/747.50 an ounce, down from $750.40/751.20 in late New York on Thursday, when it rose as high as $753.60 -- its highest since January 1980.

-- COMEX gold futures fell in Asia, with the most active December contract at $752.0 an ounce, down $4.7, or 0.6 percent, from the New York settlement.

-- Portfolio managers have been buying gold as inflation worries were growing amid rising crude prices and the dollar's weakness against the euro.

-- Regained stability in financial markets also could be giving investment banks more room to invest in the non-conventional asset classes such as gold, platinum and other commodities.

-- August TOCOM gold rose to a session high of 2,858 yen a gram, the highest for any benchmark since March 1985.

-- Key TOCOM platinum hit a fresh record high of 5,222 yen.

-- Yet cash platinum fell to $1,400/1,405 an ounce after hitting a record high of $1,407 the previous day.

-- U.S. crude futures edged down on Friday, but stayed near $83 a barrel, as an unexpected fall in U.S. inventories heightened worries of a supply shortfall ahead of the peak winter heating season.

-- NYMEX crude for November delivery fell 11 cents to $82.97 a barrel in Globex electronic trading. U.S. oil rose $1.78 to settle at $83.08 a barrel on Thursday after hitting an intraday high of $83.76 on the inventories data.

-- Palladium fell to $374/378 an ounce from $377/381 in New York.

-- Silver eased to $13.72/13.77 an ounce from $13.73/13.78 late in New York.

Reuters DKS VP0713

Please Wait while comments are loading...