(Adds comments, updates prices)
By Risa Maeda
TOKYO, April 21 (Reuters) - Gold rebounded on Monday after
a sell-off the previous session, bolstered by light buying on
dips by Japanese investors.
Spot gold <XAU=> was at $921.00/922.00 per ounce as of 0316
GMT after falling more than $20 to $916.40/917.20 late in New
York on Friday, hurt by a rising dollar and an upbeat U.S.
stock market.
Citigroup Inc <C.N> fuelled a rally on Wall Street on
Friday as investors took comfort that the No.1 U.S. bank was
taking aggressive steps to resolve credit problems that led to
its latest quarterly loss.
Last week, gold climbed as high as $952.60, the highest
level since March 28. Gold is traditionally seen as a
safe-haven asset when volatility rises in other markets.
"Gold's charm as a hedging asset is declining as concerns
about a credit crisis in the U.S. are waning," said Hitoshi
Inagawa, senior manager at Tokyo-based commodity brokerage
Yutaka Shoji Co's corporate investment and service division.
"But some investors resumed buying, resulting in the
resilience in the Tokyo market," he said.
The most active U.S. gold futures contract for June
delivery <GCM8> on the COMEX division of the New York
Mercantile Exchange also bounced back in Asia, rising $9.2, or
1 percent, to $924.40 per ounce.
U.S. crude oil futures were little changed after striking a
new record high of $117.05 per barrel in early Asian trade.
U.S. light crude for May delivery <CLc1> retreated slightly
to trade at $116.61, down 8 cents from the New York close.
The benchmark February gold contract <0#JAU:> on the Tokyo
Commodity Exchange fell 30 yen a gram to 3,103 yen in a delayed
reaction to the metal's fall late last week.
Elsewhere, the dollar edged up 0.2 percent to 103.90 yen
<JPY=> after Citigroup earnings boosted hopes that the worst
had passed for bank losses stemming from the troubled U.S.
housing sector.
The euro was steady at $1.5815 <EUR=>, holding below an
all-time high of $1.5985 hit last week.
Spot platinum <XPT=> rose to $2,038/2,048 an ounce from
Friday's late New York levels of $2,035/2,050.
Analysts said platinum's fundamentals are bullish in the
mid to long term as South Africa, the world's biggest producer,
struggles with a power crisis which has forced state power
utility Eskom [] to implement nationwide power cuts.
"The situation in South Africa stays uncertain, with
visibility low in terms of politics and the power generation
problem," said Yuki Sonoda, adviser to the president at
Japanese brokerage Daiichi Commodities Co.
"Japanese auto makers are expected to return to the market
to buy platinum around May ... I think a level around $2,000 or
lower would be a bargain for them," he said.
Spot palladium <XPD=> was $455/460 an ounce, up from
$450/455 in late New York on Friday, and silver <XAG=> inched
up to $17.90/17.95 an ounce from $17.87/17.92 on Friday.
Precious metals prices at 0323 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 921.00 5.00 +0.55 10.60
Spot Silver 17.90 0.06 +0.34 21.19
Spot Platinum 2038.00 3.00 +0.15 34.08
Spot Palladium 455.00 4.50 +1.00 23.64
TOCOM Gold 3103.00 -30.00 -0.96 1.41
27431
TOCOM Platinum 6655.00 -5.00 -0.08 24.65
9490
TOCOM Silver 603.30 -9.60 -1.57 11.52
410
TOCOM Palladium 1554.00 6.00 +0.39 15.03
873
Euro/Dollar 1.5810
Dollar/Yen 103.90
