TOKYO Dec 13 Gold eased a touch on Thursday as
the market digested news of plans to improve liquidity in
financial markets, announced the previous day by the U.S.
Federal Reserve and other central banks.
-- Bullion rose to a two-week high of $817 an ounce on
Wednesday, although it failed to climb higher despite a rally
in crude oil prices.
-- The Fed on Wednesday announced the creation of a
temporary short-term lending facility to ease credit market
strains in concert, with market-calming actions by the European
Central Bank and the central banks of Canada, England and
-- The Bank of Japan also made a similar statement.
-- The news came on the heels of the Fed's decision for a
modest cut in interest rates, which had led to a sharp decline
in gold futures in after-hours electronic trade on Tuesday as
disappointment spread among precious metals investors.
-- By 0110, spot gold XAU= was at $809.50/811.20 compared
to $813.50/814.20 in late New York the previous day.
-- The yen held near one-month lows against the dollar and
euro on Thursday as investors' fear of risk diminished after
the Federal Reserve and other central banks unveiled steps to
ease the credit crunch.
-- The dollar fell 0.3 percent against the yen from late
U.S. trade to 111.88 yen JPY= but remained near a one-month
high of 112.48 yen hit on electronic trading platform EBS on
-- Against the dollar, the single European currency edged
up 0.1 percent to $1.4720 EUR=.
-- The most-active February contract GCG8 on the COMEX
division of the New York Mercantile Exchange fell $3.6 to
$815.2 per ounce during early Asian trade.
-- The benchmark October 2008 gold contract <0#JAU:> on the
Tokyo Commodity Exchange was up 37 yen at 2,938 yen per gram.
-- In industry news, Papua New Guinea gold miner Lihir Gold
Ltd LGL.AX cut its 2007 production forecasts by 7 percent to
700,000 ounces due to unplanned maintenance shutdowns, the
company said in a statement on Thursday. [ID:nSYD16109]
-- Australian-listed gold producer Sino Gold Ltd
SGX.AX(1862.HK) on Thursday agreed to buy a stake in a gold
and silver deposit in northern China for US$90 million,
strengthening its foothold in the country. [ID:nSYD23826]
-- Platinum XPT= was little changed from late New York at
$1,472/1,476 an ounce.
-- Palladium XPD= eased to $346/350 an ounce compared to
$348/351 in late New York.
-- Silver XAG= fell to $14.60/14.65 an ounce from
Precious metals prices at 0122 GMT
Last Net Change Pct Move Turnover
TOCOM Gold 2939.00 38.00 +1.31 35476
TOCOM Platinum 5157.00 54.00 +1.06 16222
TOCOM Silver 529.90 5.50 +1.05 314
TOCOM Palladium 1271.00 20.00 +1.60 274
Spot Gold 809.90
Spot Platinum 1472.00
Spot Silver 14.62
Spot Palladium 346.00
Change so far in 2007
Metal Latest bid End prev year Pct Move
TOCOM Gold 2939.00 2445.00 +20.20
TOCOM Platinum 5157.00 4254.00 +21.23
TOCOM Silver 529.90 493.30 +7.42
TOCOM Palladium 1271.00 1255.00 +1.27
Spot Gold 809.90 636.10 +27.32
Spot Platinum 1472.00 1132.00 +30.04
Spot Silver 14.62 12.85 +13.77
Spot Palladium 346.00 332.00 +4.22
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Miho Yoshikawa; Editing by Valerie Lee)