TOKYO, Aug 17 (Reuters) Gold weakness continued on Friday after a 4 percent fall the previous day,

TOKYO, Aug 17 (Reuters) Gold weakness continued on Friday after a 4 percent fall the previous day, with Tokyo precious metals down by their daily limits on concerns about global equities and credit markets.

-- As of 0056 GMT, spot gold was at $646.00/646.80 an ounce, down from $650.50/651.10 late in New York on Thursday.

-- Japanese precious metals futures prices plunged due to falls in cash prices and a sharp rise in the yen against the dollar .

-- The key gold contract on the Tokyo Commodity Exchange plunged by the daily 120-yen limit, or 4.8 percent, to 2,389 yen a gram. It was the lowest for any benchmark contract since March 6.

-- TOCOM platinum fell by its daily 100 yen a gram limit on Friday as investors sold heavily, reflecting a surge by the yen and sell-offs in financial markets [FRX/].

-- The benchmark TOCOM platinum contract for June 2008 delivery fell by the limit to 4,541 yen, down 2.2 percent from Thursday's settlement of 4,641 yen. The level was the lowest for any benchmark contract since March 20.

-- The yen had its biggest one-day gain versus the dollar in almost nine years on Thursday as investors unwound risky trades financed with borrowed yen on fears of a global funding crisis.

-- Global stock markets dropped sharply on Thursday as fears grew that deteriorating credit market conditions may deal a blow to economic expansion.

-- Near-term sentiment for gold was weak, but some traders said it was expected to be supported by seasonal demand, with Indian and other Asian players expected to enter the market to take advantage of sharp price dips.

-- Platinum rose to $1,230/1,235 an ounce from $1,225/1,232 in New York.

-- Despite the weakness in platinum prices, UBS raised its price forecast for 2008 and 2009, saying physical inventories of the metal remained low.

-- The brokerage raised its 2008 forecast to $1,350 an ounce from $1,200 and 2009 forecast to $1,250 from $1,100. It maintained its 2007 forecast of $1,250.

-- Palladium fell to $329/334 an ounce from $331.45/335.45 in New York.

-- Silver fell to $11.71/11.76 an ounce from $11.75/11.80 late in New York.

Precious metals prices at 0100 GMT Last Net Change Pct Move Turnover (lots) TOCOM Gold 2389.00 -120.00 -4.78 52266 TOCOM Platinum 4541.00 -100.00 -2.15 1776 TOCOM Silver 451.90 -18.00 -3.83 737 TOCOM Palladium 1240.00 -60.00 -4.62 80 Spot Gold 646.60 Spot Platinum 1230.00 Spot Silver 11.70 Spot Palladium 329.00 Change so far in 2007 Metal Latest bid End prev year Pct Move TOCOM Gold 2389.00 2445.00 -2.29 TOCOM Platinum 4541.00 4254.00 +6.75 TOCOM Silver 451.90 493.30 -8.39 TOCOM Palladium 1240.00 1255.00 -1.20 Spot Gold 646.60 636.10 +1.65 Spot Platinum 1230.00 1132.00 +8.66 Spot Silver 11.70 12.85 -8.95 Spot Palladium 329.00 332.00 -0.90 Euro/Dollar $1.3420 Dollar/Yen 113.62 TOCOM prices in yen per gram, except for silver which is in yen per 10 grams, spot prices in $ per ounce.

REUTERS LPB ND0940