SINGAPORE, Aug 20 (Reuters) Gold dipped on profit taking on Monday after rising in New York, while

SINGAPORE, Aug 20 (Reuters) Gold dipped on profit taking on Monday after rising in New York, while Tokyo futures regained their footing after the benchmark contract tumbled by daily limit last week.

-- Spot gold dropped to $654.90/655.60 an ounce from $655.30/655.90 late in New York on Friday, when it gained nearly $5 after the Federal Reserve cut one of its interest rates to improve credit conditions.

-- Most active June 2008 gold futures on the Tokyo Commodity Exchange rose 48 yen per gram to 2,437 yen, having fallen by the daily 120-yen limit to 2,389 yen on Friday on concerns about global equities, credit markets and the strength of the yen.

-- The yen edged up against the dollar on Monday as Japanese exporters rushed to hedge, but most investors waited to see if the Fed's emergency action to lower discount rates would help settle nerves over the credit sector.

-- The dollar swung between 113.68 and 114.65 yen in early trade in Asia before stabilising near 114.20 yen , as exporters returning from summer holidays rushed to sell the U.S. currency after seeing it diving as low as 111.60 on Friday.

-- The euro was little changed against the dollar at $1.3480 , compared with $1.3485 in late U.S. trade on Friday.

-- Platinum rose to $1,243/1,248 an ounce from $1,230.40/1,237.40 in New York.

-- Silver edged up to $11.73/11.77 an ounce from $11.69/12.72 an ounce.

-- Palladium rose to $327/332 an ounce from $325.75/329.75 late in New York.

Precious metals prices at 0007 GMT Last Net Change Pct Move Turnover (lots) TOCOM Gold 2438.00 49.00 +2.05 52039 TOCOM Platinum 4550.00 9.00 +0.20 32098 TOCOM Silver 434.90 -17.00 -3.76 4043 TOCOM Palladium 1227.00 -13.00 -1.05 1346 Spot Gold 655.00 Spot Platinum 1243.00 Spot Silver 11.73 Spot Palladium 327.00 Change so far in 2007 Metal Latest bid End prev year Pct Move TOCOM Gold 2438.00 2445.00 -0.29 TOCOM Platinum 4550.00 4254.00 +6.96 TOCOM Silver 434.90 493.30 -11.84 TOCOM Palladium 1227.00 1255.00 -2.23 Spot Gold 655.00 636.10 +2.97 Spot Platinum 1243.00 1132.00 +9.81 Spot Silver 11.73 12.85 -8.72 Spot Palladium 327.00 332.00 -1.51 Euro/Dollar $1.3492 Dollar/Yen 114.53 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams spot prices in $ per ounce.

Reuters CS VP0652