950803

Gold, platinum rise

in Tokyo

TOKYO: Yen-denominated gold futures ended higher after shedding some of their early gains, encouraged by the yen's fall against the dollar, traders said.

Yen-based gold futures ranged from six to 10 yen per gram higher, with benchmark June finishing 10 up at 1,111.

Activity was bouyant, following the movements in the currency market, they said. The distant June broke above the recent high of 1,119 yen at one stage.

After opening higher, gold futures later retraced some of their early gains as private investor's profit-taking emerged, seeing the yen's late recovery against the dollar, they said.

Focus is on currencies and market players are watching to see if the dollar will rise further after a possible downward correction, traders said.

Spot gold was quoted at $382.90/383.20 per ounce at the Tokyo close against $382.80/383.30 in New York on Wednesday.

Scattered two way arbitrage between spot and futures was seen in the morning, they said.

Platinum futures also ended higher on the dollar's rally, combined with higher New York overnight trends, they said.

Trade houses concentrated on day-trade while private investor's profit-taking increased later in the day, they said.

Platinum futures ranged from six yen to 15 yen per gram higher with bellwether June closing up six at 1,192.

Silver futures were mixed with activity dominated by two-way trade by private investors.

All months opened higher on private investor short-covering and distant months moved into negative territory later as profit-taking surfaced, traders said. Silver futures ranged from 1.5 yen per ten grams weaker to 1.5 higher. Benchmark June closed down 0.2 at 149.4.

Palladium settled firmer with prices from two to six yen higher. Benchmark June finished up two at 438.-Reuter