SINGAPORE, Feb 28 Gold tumbled to its lowest in a week on Wednesday, losing some ground a

By Staff
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SINGAPORE, Feb 28 (Reuters) Gold tumbled to its lowest in a week on Wednesday, losing some ground after falling more than 3 percent in New York as U.S. stock markets plunged in reaction to sell-off in China.

-- Spot gold hit an intraday low of $660 an ounce from before rebounding to $668.40/669.10 by 0054 GMT, higher than $661.00/662.00 an ounce late in the U.S. market on Tuesday.

-- Benchmark gold futures on the Tokyo Commodity Exchange plunged by the daily 60-yen limit to 2,620 yen per gram on Wednesday, weighed down by a heavy sell-off by investment funds after broad declines in the stock market.

-- The benchmark TOCOM gold contract for February 2008 delivery fell 2.2 percent from Tuesday's close of 2,680 yen.

-- The euro was slightly lower at $1.3230 , but still near a two-month high of $1.3260 hit on Tuesday.

-- Silver edged down to $14.23/14.33 an ounce from $14.24/14.34 late in New York.

-- Platinum fell to $1,229/1,234 an ounce from $1,238/1,243 an ounce in New York.

-- Palladium slipped to $343/348 from $348.50/353.00 an ounce.

REUTERS SBA RN0632

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