TOKYO, Aug 10 (Reuters) Gold recovered on Friday, after falling nearly 2 percent the previous day o

TOKYO, Aug 10 (Reuters) Gold recovered on Friday, after falling nearly 2 percent the previous day on contagion from spreading U.S. subprime mortgage woes, while Tokyo precious metals futures slumped on the overnight losses and yen strength Spot gold rose to $663.25/663.75 an ounce at 0331 GMT, from $661.20/662.00 late in New York on Thursday. Tokyo gold futures hit their lowest in more than a week and platinum and silver futures dropped by their daily limit.

Gold had dropped to a one-week low of $659.50 an ounce on Thursday as credit fears and flight-to-safety selling spilled over into commodities.

''Risk money is shrinking at a rapid rate, and commodities are not going to be an exception to this,'' said Koji Suzuki, market analyst at Kazaka Commodity Co. Ltd.

Tatsuo Kageyama, an analyst at Kanetsu Asset Management, said gold was likely to be bought again once the market had calmed down.

''Financial authorities are supplying the market with funds , to try to calm the market, but I think it might take a while for that to happen,'' said Kageyama.

The Reserve Bank of Australia (RBA) on Friday added more than twice the usual amount of money into the banking system, while the Bank of Japan conducted a fund injection at its regular money market operations.

This came after the ECB pumped a record 94.8 billion euros ($129.8 billion) into Europe's money markets on Thursday, after France's biggest listed bank, BNP Paribas , froze withdrawals from three funds hurt by the U.S. subprime mortgage market problem.

Most active TOCOM June 2008 gold futures fell 3 percent to close the morning at 2,543 yen a gram, after hitting its lowest since Aug. 1.

Benchmark platinum futures plunged by the daily 100-yen limit to 4,780 yen per gram, but regained ground to finish the morning down 1.5 percent at 4,808 yen.

The TOCOM benchmark silver contract also fell by the daily 18-yen limit to 488.8 yen per 10 grams, where it remained stuck for the rest of the morning.

The yen rose broadly on Friday as risk aversion triggered an unwinding of carry trades, with the dollar at 118.04 yen , edging back towards a a four-month low of 117.19 yen hit on EBS earlier this week.

Platinum fell to a 6-week low of $1,262 an ounce before edging up to $1,273/1,278, up from $1,269/1,273.

Silver edged up at $12.65/12.70 an ounce from $12.62/12.67 late in New York.

Palladium was at $358/363 an ounce compared to $359/362 an ounce.

Precious metals prices at 0340 GMT Last Net Change Pct Move Turnover (lots) TOCOM Gold 2543.00 -76.00 -2.90 53427 TOCOM Platinum 4808.00 -72.00 -1.48 31313 TOCOM Silver 488.80 -18.00 -3.55 566 TOCOM Palladium 1378.00 -32.00 -2.27 503 Spot Gold 663.00 Spot Platinum 1273.00 Spot Silver 12.65 Spot Palladium 358.00 Change so far in 2007 Metal Latest bid End prev year Pct Move TOCOM Gold 2543.00 2445.00 +4.01 TOCOM Platinum 4808.00 4254.00 +13.02 TOCOM Silver 488.80 493.30 -0.91 TOCOM Palladium 1378.00 1255.00 +9.80 Spot Gold 663.00 636.10 +4.23 Spot Platinum 1273.00 1132.00 +12.46 Spot Silver 12.65 12.85 -1.56 Spot Palladium 358.00 332.00 +7.83 Euro/Dollar $1.3660 Dollar/Yen 117.97 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams and spot prices in $ per ounce.

REUTERS SR DS1126