Gold hits new three-month high in Tokyo

Tokyo platinum futures settled mostly easier on Friday, dented by profit-taking ahead of a long weekend, although the downside was solid on sporadic bids from fund operators.
Gold futures on the Tokyo Commodity Exchange (TOCOM) posted a fresh three-month high of 1,425 yen per gram, encouraged by the yen's dip and as spot gold bullion held firmly above $400 per ounce, traders said.
"Basic bullishness in precious metals stayed, but the market lacked energy as platinum has been rising for most of the week," said Tadashi Hashimoto, general manager at Nissho Iwai Futures.
"The market was reluctant to pile up more long positions ahead of the three-day weekend," Hashimoto said.
Japanese financial markets will be closed on Monday for a national holiday.
The benchmark June TOCOM platinum contract closed unchanged at 2,762 yen per gram, after moving in a range of 2,750 and 2,775. Other contracts were flat to 18 yen lower.
The key platinum contract shied away from Thursday's high of 2,782 yen - its highest since June 9 - but many operators were focusing on a level of 2,900 yen as the next key resistance point, traders said.
As of 0630 GMT, the dollar was quoted at 109.60/64 yen.
TOCOM gold futures peaked at 1,425 yen per gram, their highest since April 13.
Although spot gold faced some pressure overnight in New York, Tokyo traders continued to add positions as spot bullion managed to remain above $400.
"Gold looks pretty solid and the market is watching whether (key TOCOM gold) could break above 1,430-1,440 yen. Those levels are seen as key resistance," Hashimoto said.
On Thursday in New York gold prices posted moderate losses, pushed lower by a robust regional US manufacturing reading.
Gold fell as the dollar gained against the euro after a Philadelphia Federal Reserve business conditions survey surpassed all forecasts.
The Philly Fed index for July was 36.1, overshooting economists' forecasts for a drop to 25.0 from June's 28.9 reading.
Metals traders said gold's performance would be determined by the US consumer price index due later in the day, which would provide fresh direction to the greenback.
The June gold contract closed up seven yen per gram at 1,423 yen.
Spot bullion was quoted at $403.50/404.30 an ounce at 0630 GMT against $403.50/$404.25 in New York on Thursday.
Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.