(Adds quote, details throughout, Tokyo morning session prices)
By Maryelle Demongeot
SINGAPORE, May 28 (Reuters) - Gold took a breather on
Wednesday after the previous day's 2 percent fall in the wake
of a sharp decline in oil, while platinum fell by a steep 4
percent in Tokyo, catching up with the fall in other
commodities.
Gold <XAU=> was largely steady at $907.60/908.60 an ounce
by 0325 GMT from $907.10/908.30 an ounce in New York on
Tuesday, after having opened at a lower $904.70/906.70.
"Oil prices fell and therefore all commodities fell, too.
The price of gold fluctuates will oil prices these days, and it
is very difficult to predict," said Yukuji Sonoda, precious
metals analyst with Tokyo-based Daiichi Commodities.
Platinum prices in Japan edged sharply down, tracking
Tuesday's losses in New York.
The most actively traded futures contract <0#JPL:>, for
April, was nearing the 300-yen daily limit by the end of the
Tokyo morning session on the Tokyo Commodity Exchange.
Tokyo platinum futures for April were down 283 yen to 6,757
yen by the end of the Tokyo morning session. The contract
settled 3 yen down on Tuesday.
"I am not anxious about platinum. This is only a temporary
fall. Prices are decided by supply and demand and demand is
strong. Automobile companies will soon enter the market,"
Sonoda said.
Platinum's major industrial use is in catalysts,
particularly in diesel catalysis, to help cleanse
environmentally damaging fumes from motor exhausts.
The much less liquid August, October, and December
contracts hit the 300-yen daily limit earlier on.
Spot platinum <XPT=> fell to $2,076.50/2,096.50 an ounce
from $2,118/2,138 late in New York, down some $38 an ounce from
Friday.
Oil prices were steady in Asian trade on Wednesday after
having slid by more than $3 a barrel on Tuesday on a broad rise
in the U.S. dollar and worries that high oil prices may finally
be starting to hit demand in the United States and Asia. []
Front-month U.S. crude for July delivery <CLc1> was
unchanged at $128.85 by 0318 GMT, well below the $135.09
record-high hit a week ago.
The dollar also steadied on Wednesday after having risen on
Tuesday on unexpectedly positive U.S. April home sales and as
data out of Europe raised concerns over the health of the
eurozone economy. []
Gold futures for June delivery <GCM8> on the COMEX division
of the New York Mercantile Exchange were down $0.10 at $907.80
an ounce.
The most active Tokyo gold futures contarct <0#JAU:>, for
April, ended the morning session down 42 yen at 3,061 yen,
after having settled 2 yen lower on Tuesday.
Silver and palladium ticked up after Tuesday's fall which
saw silver down by more than 4 percent.
Silver <XAG=> edged marginally up to $17.45/17.51 an ounce
from $17.41/17.47 late on Tuesday.
Spot palladium <XPD=> was quoted at $438/$443 an ounce, up
from $436.50/444.50.
Precious metals prices at 0325 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 908.10 3.30 +0.36 9.05
Spot Silver 17.45 0.07 +0.40 18.14
Spot Platinum 2076.50 -41.50 -1.96 36.61
Spot Palladium 438.00 1.50 +0.34 19.02
TOCOM Gold 3061.00 -42.00 -1.35 0.03
16538
TOCOM Platinum 6757.00 -283.00 -4.02 26.56
18412
TOCOM Silver 590.40 -22.50 -3.67 9.13
569
TOCOM Palladium 1489.00 -35.00 -2.30 10.21
529
Euro/Dollar 1.5699
Dollar/Yen 104.03
Note - TOCOM prices in yen per gram, except TOCOM silver which
is priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Maryelle Demongeot; Editing by Clarence
Fernandez)
