Gold held steady above $672 an ounce on Wednesday, while Tokyo futures rebounded after being hit by profit-taking the previous day. Spot gold was at $672.90/673.60 ounce, slightly higher than $672.30/672.80 late in New York on Tuesday, when it gained more than $4 on a weaker dollar and higher crude oil.
Key April 2008 gold futures on the Tokyo Commodity Exchange rose 11 yen per gram to 2,628 yen. The euro hardly moved at $1.3591. The dollar fell on Tuesday after a lower-than-expected rise in consumer prices in April suggested US inflation was well contained, backing a view that the Federal Reserve will likely cut interest rates later this year.
Platinum fell to $1,326/1,331 an ounce from $1,330/1,335 in New York. Palladium rose to $360/365 an ounce from $358/362. Silver dipped to $13.18/13.23 an ounce from $13.21/13.24 late in New York.
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