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Key TOCOM gold falls by daily limit to 2-yr low

Wed Oct 22, 2008 8:35pm EDT

TOKYO, Oct 23 (Reuters) - The most active Tokyo gold futures contract dropped by its daily 150 yen trading limit, or 6 percent, on Thursday as a stronger yen and a drop in the cash gold price in New York spurred a wave of investor selling.

A rise in the yen versus the dollar deflates yen-based commodities futures prices.

The benchmark contract for August 2009 delivery <0#JAU:> on the Tokyo Commodity Exchange was at 2,255 yen per gram, the lowest level for any benchmark since October 2006. (Reporting by Risa Maeda)



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