Gold slipped on Friday but rebounded from an intraday low as the US dollar gave up early gains, spurring demand from jewellery makers and speculators. Platinum fell to an 11-week low as a sell-off in Tokyo futures put pressure on spot prices.
It has lost more than 19 percent in value since rallying to a record high of $2,290 an ounce March after power shortages disrupted mining in main producer South Africa. Gold fell to $961.20/962.00 an ounce from $962.10/963.10 an ounce late in New York on Thursday - off a four-month high of $987.75 an ounce hit on Tuesday.
"There's a little bit of recovery on the physical side. It's not too strong," said Dick Poon, manager of precious metals at Heraeus Ltd in Hong Kong. Spot platinum fell to $1,853.50/1,873.50 an ounce from $1,881/1,901 late in New York on Thursday, having hit an intraday low of $1,845 an ounce - its lowest level since May 2. Gold futures for August delivery on the COMEX division of the New York Mercantile Exchange fell $9.0 an ounce to $961.7.
The most active Tokyo platinum contract for June 2009 delivery on the Tokyo Commodity Exchange fell 241 yen per gram to 6,265 yen. Spot palladium fell to $418.00/426.00 an ounce from $420.00/428.00 an ounce. Silver rose to $18.53/18.60 an ounce from $18.39/18.48 late in New York.
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