Gold drops, platinum off five-month high

SINGAPORE, May 8 (Reuters) Gold fell on Tuesday as the dollar held steady against major currencies, while platinum dropped after rallying to its highest level in more than five months.

-- Spot gold fell to $687.70.688.40 an ounce from $688.90/689.40 an ounce late in New York on Monday.

-- The benchmark gold contract on the Tokyo Commodity Exchange, currently April 2008, fell 1 yen per gram to 2,681 yen ($22.33).

-- The euro was traded at $1.3598 , unchanged from late New York but still near a lifetime high above $1.3680.

-- Dealers awaited three central bank meetings this week that may underscore market expectations for U.S. interest rates to fall this year as rates in other major economies rise.

-- Platinum dropped to $1,332/1,337 an ounce from $1,338/1,343 late in New York on Monday, when it jumped to its highest since late November at $1,339 on purchases from Asia.

-- Palladium was at $375/380 an ounce, hardly changed from $376/380 an ounce.

-- Silver eased to $13.47/13.52 an ounce from $13.51/13.54.

Precious metals prices at 0012 GMT Last Net Change Pct Move Turnover (lots) TOCOM Gold 2681.00 -1.00 -0.04 26175 TOCOM Platinum 5009.00 22.00 +0.44 25815 TOCOM Silver 521.30 -1.20 -0.23 799 TOCOM Palladium 1477.00 -1.20 -0.27 455 Spot Gold 687.80 Spot Platinum 1332.00 Spot Silver 13.47 Spot Palladium 375.00 Change so far in 2007 Metal Latest bid End prev year Pct Move TOCOM Gold 2681.00 2445.00 +9.65 TOCOM Platinum 5009.00 4254.00 +17.75 TOCOM Silver 521.30 493.30 +5.68 TOCOM Palladium 1477.00 1255.00 +17.69 Spot Gold 687.80 636.10 +8.13 Spot Platinum 1332.00 1132.00 +17.67 Spot Silver 13.47 12.85 +4.82 Spot Palladium 375.00 332.00 +12.95 Euro/Dollar $1.3596 Dollar/Yen 119.98 TOCOM prices in yen per gram, spot prices in $ per ounce.

($1=120.07 yen) Reuters SBA VP0705