Gold near 9-week low, Tokyo futures drop

By Staff
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Google Oneindia News

SINGAPORE, May 25 (Reuters) Gold rebounded on Friday but was within sight of its lowest level in nine weeks, while Tokyo futures dropped after breaking a key support around 2,600 yen.

-- Spot gold was at $654.00/654.50 an ounce, slightly higher than $653.20/653.70 late in New York on Thursday, when it hit an intraday low of $651.30 on rising dollar and central bank sales.

-- Key April 2008 gold futures on the Tokyo Commodity Exchange fell 39 yen per gram to 2,573 yen to track losses in New York's COMEX market.

-- The yen edged up on Friday, pulling away from a three-month low against the dollar, after data showed Japan's core consumer prices fell at a slower pace in April and kept the Bank of Japan on track to raise rates in coming months.

-- The dollar dipped to 121.20 yen from near 121.40 yen in late New York trade. The U.S. currency hit a three-month peak of 121.88 yen earlier in the week.

-- The euro slipped to $1.3421 , near a six-week low of $1.3415 hit the previous session.

-- Platinum fell to $1,279/1,284 an ounce from $1,280/1,284 late in New York.

-- Palladium barely moved at $364/369 an ounce.

-- Silver inched up to $12.85/12.88 an ounce from $12.82/12.85 an ounce.

REUTERS DKS PM0645

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