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TOKYO, Aug 9 (Reuters) Gold dipped Thursday on profit taking after the previous day's rally, while Tokyo futures rose one percent to a two-week high on a softer yen.

Spot gold fell to $672.80/673.60 an ounce at 0335 GMT, from $674.20/675.00 late in New York on Wednesday when it rose to its highest in nearly two weeks at $676.60 an ounce.

''The weaker dollar means there is persistent buying, but at the same time we're seeing sporadic instances of profit taking,'' said Koji Suzuki, market analyst at Kazaka Commodity Co. Ltd.

Most active June 2008 gold futures on the Tokyo Commodity Exchange hit an intraday high of 2,620 yen, the highest since July 26, before finishing the morning up 23 yen at 2,616 yen.

The most active December contract on ''mini'' gold futures rose 25 yen per gram to 2,603 yen.

Continued heavy gold sales by central banks were underlined after Bank of Spain data showed it had sold 0.8 million troy ounces or 24.8 tonnes of gold in July, after taking a breather from sales in June. [ID:nL08914126] According to the industry-funded World Gold Council, European central banks have so far sold 358 tonnes of gold in the third year of the Central Bank Gold Agreement, against an annual limit of 500 tonnes. The year ends in late September.

But long-term players remain positive about gold's future and continue to invest in exchange traded funds (ETFs).

Suzuki said there was little impact from the Bank of Spain news, which had been anticipated, while the sales were conducted so as to have limited impact on the market.

The dollar was little changed from late U.S. trade near 119.65 yen , rebounding from a four-month low of 117.19 yen struck earlier in the week on electronic trading platform EBS.

The euro was steady near $1.3800, not far from an all-time high of $1.3853.

Platinum fell to $1,276/1,281 from $1,284/1,288 an ounce.

Silver edged down at $13.09/13.12 an ounce from $13.10/13.15 late in New York.

Palladium fell to $359/364 an ounce from $361/365 an ounce.

Precious metals prices at 0341 GMT Last Net Change Pct Move Turnover (lots) TOCOM Gold 2615.00 22.00 +0.85 26765 TOCOM Platinum 4878.00 6.00 +0.12 16893 TOCOM Silver 506.30 4.80 +0.96 813 TOCOM Palladium 1409.00 9.00 +0.64 226 Spot Gold 672.70 Spot Platinum 1276.00 Spot Silver 13.09 Spot Palladium 359.00 Change so far in 2007 Metal Latest bid End prev year Pct Move TOCOM Gold 2615.00 2445.00 +6.95 TOCOM Platinum 4878.00 4254.00 +14.67 TOCOM Silver 506.30 493.30 +2.64 TOCOM Palladium 1409.00 1255.00 +12.27 Spot Gold 672.70 636.10 +5.75 Spot Platinum 1276.00 1132.00 +12.72 Spot Silver 13.09 12.85 +1.87 Spot Palladium 359.00 332.00 +8.13 Euro/Dollar $1.3800 Dollar/Yen 119.67 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams and spot prices in $ per ounce.

REUTERS SBA