Gold extends losses on dollar, near 2-week low

Enlarge Photo Gold bars are seen in a jewellery shop in Lucknow in this January 10, 2008...

Wed, Jul 9 06:44 AM

SINGAPORE (Reuters) - Gold fell further on Wednesday after a drop in oil prices and a rebound in the U.S. dollar triggered selling from speculators.

-- Gold slipped to $918.00/919.00 an ounce from $921.35/922.55 an ounce late in New York on Tuesday, when it fell as low as $912.50 an ounce, its lowest level since June 27.

-- Gold futures for August delivery on the COMEX division of the New York Mercantile Exchange fell $3.8 an ounce to $919.5.

-- The dollar rose on Tuesday as the Federal Reserve's willingness to keep its emergency lending facility open into 2009 for some Wall Street firms calmed fresh credit concerns and encouraged investors to snap up U.S. stocks.

-- Oil tumbled more than $5 on Tuesday, pushing losses so far this week to about $10, as forecasters said an Atlantic hurricane would stay clear of offshore oil platforms and the greenback gained against othercurrencies.

-- Spot platinum rose to $1,950.00/1,960.00 an ounce $1,940.50/1,960.00 late in New York.

-- Spot palladium rose to $439.00/447.00 an ounce from $437,50/445.50 an ounce late in New York.

-- Silver fell to $17.75/17.80 an ounce from $17.82/17.88 late in New York.

-- The most active Tokyo platinum contract for June 2009 delivery on the Tokyo Commodity Exchange fell 109 yen per gram to 6,661 yen.

Precious metals prices at 0049 GMT

Metal Last Change Pct chg YTD pct chg Turnover

Spot Gold 917.85 -1.65 -0.18 10.23

Spot Silver 17.75 -0.01 -0.06 20.18

Spot Platinum 1950.00 9.00 +0.46 28.29

Spot Palladium 439.00 2.50 +0.57 19.29

TOCOM Gold 3200.00 -21.00 -0.65 4.58 8146

TOCOM Platinum 6669.00 -101.00 -1.49 24.91 10085

TOCOM Silver 618.30 -2.40 -0.39 14.29 256

TOCOM Palladium 1555.00 -32.00 -2.02 15.10 538

Euro/Dollar 1.5666

Dollar/Yen 107.39

TOCOM prices in yen per gram, except TOCOM silver which is

priced in yen per 10 grams. Spot prices in $ per ounce.

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