* Gold slips as oil prices fall, dollar steady
* Platinum recovers but trades near 5-month low
* Tokyo gold below 25-year high
(Updates prices, adds quotes)
SINGAPORE, July 23 (Reuters) - Gold dipped on Wednesday as
oil extended losses and robbed the metal of some of its appeal
as a hedge against inflation, while platinum bounced after
falling to its lowest level in more than five months.
Gold was also weighed by the U.S. dollar, which held much
of its gains, which in theory reduced bullion's appeal as an
alternative investment.
Gold <XAU=> dropped to $947.35/948.35 an ounce from
$948.30/949.90 late in New York. Gold hit an intraday high of
$975.95 in volatile trade on Tuesday before a fall in oil
prices dragged it to a low of $942.80 -- its weakest since July
11.
"I suppose some of the key drivers to gold have not
changed," said David Moore, analyst at Commonwealth Bank of
Australia in Sydney.
"I am not sure whether the adjustment overnight is going to
have a big impact in terms of attracting what you might call
bargain buying. You've got to remember that it was only a
couple of weeks ago that gold was actually even lower than
current levels."
Gold prices have been volatile since hitting a lifetime
high of $1,030.80 an ounce in March. It fell to a four-month
low of $845 an ounce in May because of a recovery in the
dollar.
Oil <CLc1> wasdown 24 cents at $128.18 a barrel after
falling more than $3 to a six-week low in the previous session
as the threat of Hurricane Dolly to oil drillers andrefiners
eased, and concerns over faltering U.S. energy demandincreased.
[]
The euro was barely changed at $1.57832 <EUR=>. The dollar
gained after Philadelphia Federal Reserve President Charles
Plosser said rising inflation could force the Fed to start
raising rates, giving a big lift to the dollar. []
Spot platinum <XPT=> rose to $1,812/1,832 an ounce from
$1,800.50/1,820.50 an ounce. On Tuesday, it hit a low of
$1,791.50, its weakest since early February, on worries over
falling demand for autocatalysts due to a slowing U.S. economy.
Dealers cited buying interest from the industrial sector in
Asia at lower levels, but platinum could still fall below
$1,800 due to a lack of follow through buying in Europe.
Gold futures for August delivery <GCQ8> on the COMEX
division of the New York Mercantile Exchange fell $0.4 to
$948.00 an ounce.
The most active Tokyo gold contract for June 2009 delivery
<0#JPL:> on the Tokyo Commodity Exchange fell 63 yen per gram
to 3,298 yen, having hit a 25-year high of 3,363 yen on
Tuesday.
Spot palladium <XPD=> fell to $400.00/408.00 an ounce from
$405.50/413.50 late in New York. Silver <XAG=> edged down to
$17.97/18.04 an ounce from $18.00/18.08 late in New York.
Precious metals prices at 0145 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 947.40 2.40 +0.25 13.77
Spot Silver 17.95 0.02 +0.11 21.53
Spot Platinum 1810.00 11.50 +0.64 19.08
Spot Palladium 398.00 -4.50 -1.12 8.15
TOCOM Gold 3298.00 -63.00 -1.87 7.78
19943
TOCOM Platinum 6210.00 -151.00 -2.37 16.31
10663
TOCOM Silver 625.90 -18.50 -2.87 15.69
464
TOCOM Palladium 1411.00 -68.00 -4.60 4.44
913
Euro/Dollar 1.5785
Dollar/Yen 107.30
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Anshuman Daga)
