Gold near 2-week low on oil, platinum extends losses

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Thu, Jul 24 06:13 AM

SINGAPORE (Reuters) - Gold slipped on Thursday and held near a two-week low hit the previous day after a drop in oil prices, and platinum extended losses on fears of falling demand from car manufacturers as the U.S. economy weakens.

-- Gold fell to $919.35/920.35 an ounce from $921.35/922.95 late in New York on Wednesday, when it hit a low of $917.15 an ounce, its weakest since July 9.

-- Spot platinum dropped to $1,734.00/1,754.00 an ounce from $1,744.00/1,764.00 an ounce. It tumbled to $1,730 an ounce on Wednesday, its lowest level since early February.

-- Gold futures for August delivery on the COMEX division of the New York Mercantile Exchange fell $2.4 to $920.40 an ounce.

-- Oil prices fell $4 to a six-week low on Wednesday after a U.S. government report reinforced concerns high prices and economic turmoil were slashing into the nation's energy demand.

-- The most active Tokyo gold contract for June 2009 delivery on the Tokyo Commodity Exchange fell 56 yen per gram to 3,219 yen.

-- Spot palladium fell to $382.00/390.00 an ounce from $383.00/391.00 late in New York.

-- Silver edged down to $17.29/17.35 an ounce from $17.33/17.38 late in New York.

Precious metals prices at 0025 GMT

Metal Last Change Pct chg YTD pct chg Turnover

Spot Gold 919.95 0.20 +0.02 10.48

Spot Silver 17.31 -0.02 -0.12 17.20

Spot Platinum 1734.50 -7.50 -0.43 14.11

Spot Palladium 382.00 2.50 +0.66 3.80

TOCOM Gold 3217.00 -58.00 -1.77 5.13 10763

TOCOM Platinum 5966.00 -117.00 -1.92 11.74 4198

TOCOM Silver 607.80 -11.00 -1.78 12.35 296

TOCOM Palladium 1344.00 -44.00 -3.17 -0.52 562

Euro/Dollar 1.5687

Dollar/Yen 107.84

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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