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Gold lower in Tokyo,

higher in Hong Kong

TOKYO: Gold futures ranged from five to 11 yen per gram lower. Benchmark June ended 11 weaker at 1,201. Private investors are eagar to buy on dips, traders said.

Spot gold closed higher at $385.65/385.95 per ounce against $384.80/385.30 in New York on Friday. Gold briefly pierced $386 but was unable to sustain that level, traders said.

Platinum futures ranged from one to 14 yen per gram lower, excluding thinly traded September which was five higher. Benchmark June ended down 14 at 1,302. Private investors' heavy profit taking amid a dearth of buyers weighed on the market. High lease rates of eight to 8.5 percent for one month are making spot selling increasingly difficult, a trader said.

Palladium futures ranged from one to five yen per gram lower. Benchmark June ended two weaker at 467.

HONG KONG: Gold closed higher on early short covering following silver's rise, although profit-taking pulled it off highs in late trade, dealers said.

"Gold underwent a short-term rebound today in line with the rising silver price and New York's gain last Friday," said a dealer at a local bullion house. "However, the rebound is seen short-lived as profit-taking on silver will put pressure on gold in the short run."

Bullion ended at US$385.40/90 an ounce, compared with an intraday high of US$386.20/70 and New York's US$384.80/385.30 close on Friday.

Dealers said gold sentiment was still mixed and the next move would be solely dictated by silver.

"Gold has the potential to edge up towards the US$388 level if silver remains firm overseas," said a bullion dealer.

Local gold rose HK$7.0 to close at HK$3,556 a tael.-Reuter