* Spot platinum tumbles 6 percent to near one-year low
* Tokyo platinum futures hit daily downside limit
* Gold down 1 percent, palladium down 6.5 percent
(Updates prices)
By Lewa Pardomuan
SINGAPORE, Aug 19 (Reuters) - Spot platinum slid more than
6 percent on Tuesday to its lowest since mid-September last
year, on waning demand from automakers and general weakness in
precious metals that saw gold dip back below $800 an ounce.
Gold's fall, after rising more than 1 percent in New York
in the previous session, shows the metal is vulnerable to gains
in the dollar. Silver also dropped, palladium hit its lowest
since mid-June 2006 and benchmark Tokyo platinum futures fell
by their daily limit to a one-year low.
Spot platinum <XPT=> fell all the way to $1,297.50 from
$1,386/1,406 an ounce late in New York, with falls in Japanese
futures adding to selling pressure.
The most active Tokyo platinum contract for June 2009
delivery <0#JPL:> on the Tokyo Commodity Exchange dropped by
the daily 300 yen limit to 4,555 yen.
"EU autommobile production decreases. Both gold and
platinum continue to be bearish. Platinum may be fall to below
$1,200," said Kazuhiko Saito of Interes Capital Management in
Tokyo.
Platinum hit a record high of $2,290 an ounce in March
after a power shortage in main producer South Africa disrupted
mining and triggered supply worries.
It rallied as much as 50 percent in 2008, but has dropped
more than 40 percent since hitting the record peak due to
profit taking, a slowing U.S. economy and the downturn in U.S.
auto sales that has raised fears of falling demand for
autocatalysts, the major use for the metal.
Earlier in August, auto industry forecaster J.D. Power
downgeaded its view on western European car sales after a
dismal sales month in July when volumes fell 6.7 percent to
1.17 million new vehicles. []
"From the charts, platinum seemed to have returned the
premiums from the earlier South Africa crisis and in fact we
are almost at one-year lows. I am looking at the $1,200-$1,250
region for support now," said Adrian Koh, analyst at Phillip
Futures.
"Looks like a bad week for precious metals," he said.
Gold <XAU=> fell to $784.35/785.35 an ounce from
$799.65/801.05 late in New York on Monday, when it briefly
regained $800 in a technical rebound, after falling to its
lowest level in nine months around $773 an ounce last week.
Gold was well below a lifetime high of $1,030.80 hit in
March.
For a graphic showing platinum and gold prices, click on:
https://customers.reuters.com/d/graphics/MKTS_XPTAU0808.gif
"General sentiment for gold remains weak and I guess we are
likely to see more selling on strength. For near-term support,
I am currently looking at the $770 region," said Koh of Phillip
Futures.
"If we move below that, then the $750s will be a very
important level to look at," he said.
The dollar index, which gauges its performance against six
major currencies, hit a seven-month high above 77.413 <.DXY>.
New York gold futures <GCZ8> fell $15.4 an ounce to
$790.30.
Spot palladium <XPD=> fell to $264.50/272.50 an ounce from
$283.00/291.00 an ounce. Silver <XAG=> slipped to $12.56/12.62
an ounce from $13.07/13.13 an ounce.
Precious metals prices at 0629 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 786.00 -12.55 -1.57 -5.61
Spot Silver 12.59 -0.59 -4.48 -14.76
Spot Platinum 1298.00 -85.00 -6.15 -14.61
Spot Palladium 264.50 -25.50 -8.79 -28.13
TOCOM Gold 2801.00 -32.00 -1.13 -8.46
54225
TOCOM Platinum 4567.00 -288.00 -5.93 -14.46
29667
TOCOM Silver 450.50 -14.80 -3.18 -16.73
1120
TOCOM Palladium 956.00 -62.00 -6.09 -29.24
1872
Euro/Dollar 1.4639
Dollar/Yen 110.27
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Ben Tan)
