Gold steady after 2 pct fall; eyes on dollar, oil

Tue May 27, 2008 9:51pm EDT
 
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SINGAPORE, May 28 (Reuters) - Gold took a breather on Wednesday after the previous day's 2 percent fall in the wake of a sharp decline in oil and gains by the dollar.

-- Gold XAU= was steady at $907.30/908.30 an ounce by 0044 GMT from $907.10/908.30 an ounce in New York on Tuesday, after having opened at a lower $904.70/906.70.

-- Spot gold ended 2 percent down on Tuesday, its lowest in a week, on the back of a stronger dollar and a sharp fall in oil prices.

-- Gold futures for June delivery GCM8 on the COMEX division of the New York Mercantile Exchange were down $1.50 at $906.40 an ounce.

-- The most active Tokyo gold futures <0#JAU:>, for April, fell 38 yen to 3,065 yen, after having settled 2 yen lower on Tuesday.

-- U.S. crude oil futures fell further on Wednesday, having lost more than $3 in the previous session on worries that demand could weaken in the United States and Asia. [O/S]

Front-month U.S. crude for July delivery CLc1 fell 43 cents to $128.42 by 0050 GMT.

-- The dollar steadied, after a broad rise on Tuesday on unexpectedly positive U.S. April home sales and as data out of Europe raised concerns over the health of the eurozone economy.[USD/]

The dollar index against a basket of currency rose 0.02 percent at 72.406 on Wednesday .DXY, well above the one-month low of 71.823 hit last week.

-- Spot platinum XPT= fell to $2,089/2,109 an ounce from $2,118/2,138 late in New York.

-- Tokyo platinum futures <0#JPL:> for April fell 38 yen to 6,822 yen, having settled 3 yen down on Tuesday.

-- Silver XAG= edged marginally up to $17.45/17.50 an ounce from $17.41/17.47.

-- Spot palladium XPD= ticked up, quoted at $437.50/$445.50 an ounce, from $436.50/44.50.

Precious metals prices at 0044 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 907.30 2.50 +0.28 8.96 Spot Silver 17.45 0.07 +0.40 18.14 Spot Platinum 2089.00 -29.00 -1.37 37.43 Spot Palladium 437.50 1.00 +0.23 18.89 TOCOM Gold 3065.00 -38.00 -1.22 0.16 7450 TOCOM Platinum 6822.00 -218.00 -3.10 27.78 8543 TOCOM Silver 592.20 -20.70 -3.38 9.46 308 TOCOM Palladium 1500.00 -24.00 -1.57 11.03 297 Euro/Dollar 1.5680 Dollar/Yen 104.20 Note - TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce. (Reporting by Maryelle Demongeot; editing by Nick Trevethan)

 
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