Array

TOKYO, Oct 5 (Reuters) Gold prices inched up on Thursday, but sentiment was bearish as weakness in oil prices reduced the yellow metal's appeal as a hedge against inflation, prompting investment funds to shift assets into bullish equities.

-- At 0034 GMT, spot gold was up at $568.90/569.90 an ounce from $566.00/567.00 in Wednesday's late New York trade, where it fell nearly 2 percent.

-- Investors shunned energy futures and metals this week to chase the Dow Jones Industrial stock average to a record on Wednesday, surpassing the previous record set in January 2000, before the stock market bubble burst.

-- Weakness in Tokyo gold futures undermined sentiment for cash gold due to the absence of Chinese buyers because of the week-long National Day holiday, which started on Monday.

-- Benchmark Tokyo Commodity Exchange gold futures for August 2007 delivery were down more than 2 percent at 2,171 yen a gram from Wednesday's close.

-- The relative weakness in gold put pressure on other precious metals prices, but they moved in a narrow band in Asia.

-- Silver nudged up to $10.85/10.90 an ounce from $10.78/10.85 late in New York the previous day.

-- Platinum edged up to $1,084/1,089 an ounce, compared with $1,075/1,085 in New York.

-- Palladium was up at $294/299 an ounce from $289/294 in New York.

Reuters SBA VP0640