Gold extends gains ahead of U.S. data, Tokyo firms

By Staff
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Google Oneindia News

SINGAPORE, June 15 (Reuters) Gold extended gains on Friday ahead of the release of U.S. consumer price data, while Tokyo futures tracked gains in New York's COMEX market.

-- Spot gold rose to $652.50/653.10 an ounce from $651.20/652.70 late in New York on Thursday, when it gained $4 on bargain hunting and renewed physical buying.

-- But some dealers said sales by central banks could put pressure on the market.The Swiss National Bank said it would sell 250 tonnes of gold over the next two years and use the money from gold sales to increase its foreign exchange reserves.

-- The sales, the first since 2005 by the world's sixth-largest gold holder, would be carried out in stages to avoid unsettling markets. [ID:nL14665385] -- Key April 2008 gold futures on the Tokyo Commodity Exchange rose 10 yen per gram to 2,608 yen.

-- The dollar held near a 4 1/2-year high on Friday, aided by a climb in U.S. Treasury yields to a five-year high this week and as investors found a renewed appetite for risk and continued to sell the low-yielding yen.

-- Dealers awaited the price data to see if Treasury yields would rise further. The dollar was little changed at 123.00 yen after climbing to 123.13 yen on Thursday.

-- The euro was flat at $1.3310 .

-- Silver inched down to $13.12/13.16 an ounce from $13.13/13.17 late in New York.

-- Platinum fell to $1,279/1,284 an ounce from $1,280/1,285 late in New York.

-- Palladium gained to $366/370 an ounce from $365/370 an ounce.

Reuters DKS VP0645

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