* Gold jumps 1.4 pct, second day of gains
* Fannie, Freddie bailout lifts commodities, gold in tow
* Renewed risk appetite could temper gains
(Updates prices, adds comments)
TOKYO, Sept 8 (Reuters) - Gold jumped more than 1.5 percent
on Monday, lifted by a broad rally across the commodities
spectrum on hopes that a U.S. bail-out of its top mortgage
lenders would help investors return to riskier assets.
Despite gold's claim as the ultimate safe haven, investors
on Monday appeared to be lumping it into the same pool as
metals and oil, the latter of which also surged ahead as
Hurricane Ike barrelled across Cuba toward the Gulf of Mexico.
Spot gold <XAU=> extended gains into a second session to
stand at $815.20 per ounce by 0321 GMT, up 1.54 percent from
$801.10/813.10 in late New York on Friday. It hit a
year-to-date low of $773.90 on Aug. 15.
The U.S. government moved on Sunday to seize control of
mortgage finance companies Fannie Mae <FNM.N> and Freddie Mac
<FRE.N>, in a move that may temper the global financial market
turbulence that has threatened economic growth. []
Gold was also buoyed by the euro's <EUR=> further gains
against the dollar on Monday as it rose to around $1.4405, off
an 11-month low of $1.4197 touched last week.
On Friday, gold had climbed in a safe-haven response to
gloomy monthly jobs data in the United States.
But the yen <JPY=> fell as investors sought out riskier
assets, a trend that normally weighs on bullion prices.
Analysts said gold's bounce on Monday appeared more likely
to be cautionary short-covering after tumbling from nearly
$1,000 an ounce in mid-July, with some uncertainty still
lingering.
"I don't think investors are building new longs actively
now after seeing sharp declines in recent trading," said Tatsuo
Kageyama, an analyst at Kanetsu Asset Management in Tokyo.
"Gold is up now, but once when the financial markets settle
down, I think gold will fall again," Kageyama said.
Crude oil gained more than $2 to top $108 a barrel on
Monday on worries that Hurricane Ike could threaten Gulf of
Mexico production and oil and gas facilities. []
Tokyo gold futures jumped more than 4 percent and COMEX
gold futures climbed almost 2 percent.
The most active COMEX December contract <GCZ8> was trading
up 1.8 percent at $817.6 per ounce after closing New York with
small 40-cent losses on Friday.
The benchmark August 2009 contract on the Tokyo Commodity
Exchange <0#JAU:> ended the morning session up 123 yen per
gram, or 4.5 percent, at 2,854 yen.
Precious metals prices at 0258 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 813.55 10.75 +1.34 -2.30
Spot Silver 12.54 0.32 +2.62 -15.10
Spot Platinum 1376.50 15.50 +1.14 -9.44
Spot Palladium 272.50 5.00 +1.87 -25.95
TOCOM Gold 2854.00 123.00 +4.50 -6.73
21780
TOCOM Platinum 4764.00 152.00 +3.30 -10.77
9767
TOCOM Silver 444.80 12.00 +2.77 -17.78
626
TOCOM Palladium 982.00 34.00 +3.59 -27.31
435
Euro/Dollar 1.4413
Dollar/Yen 108.62
TOCOM prices in yen per gram, except for silver which is in
yen per 10 grams, spot prices in $ per ounce.
(Reporting by Risa Maeda and Chikafumi Hodo)
