Tokyo gold futures closed a touch easier on Friday after the yen resumed its rise against the dollar, but the precious metal continued to hover at a one-month high, supported by steady bullion prices. Platinum futures in Tokyo climbed to a 2-1/2-week high on speculative buying ahead of next week's release of a closely watched industry report on demand and supply.
The benchmark October gold contract on the Tokyo Commodity Exchange (TOCOM) finished down four yen per gram at 1,486 yen, after wavering between 1,483 yen and 1,492 yen.
The session high was the highest level marked by a benchmark contract since October 12.
"It topped 1,490 yen again today, which led to some profit-taking," one Tokyo analyst said.
Other months fell by one to four yen. Spot gold was at $434.90/5.40 an ounce compared with $434.35/5.10 in New York. In the currency market, the dollar was fetching 106.02/6.07 yen at TOCOM's close, compared with 106.63 yen in quiet trade in New York.
The yen rose against the dollar on Friday despite data showing Japanese economic growth came to a virtual standstill in the third quarter.
The Japanese currency rose nearly one yen from the day's low of 106.80 per dollar marked soon after data showed gross domestic product grew a real 0.1 percent in July-September from the previous quarter.
Economists had forecast growth of 0.5 percent. Veterans' Day in the United States and Canada's Remembrance Day on Thursday left trading conditions quiet in North America.
December gold on the New York Mercantile Exchange's Comex division finished at $435.40 an ounce, up 90 cents.
In the TOCOM platinum market, the benchmark October contract closed up 47 yen at 2,886 yen per gram, after moving in a range of 2,828 yen and 2,896 yen. In the spot market, platinum hit a six-week high ahead of a key report that some market players speculated would lower its forecast for a platinum surplus.
Johnson Matthew, the world's top distributor of platinum and related metals, is due to release its 2004 interim report on Tuesday. Spot platinum was at $867/872, up from New York levels of $850.50/855.50 an ounce.
Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.
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