Gold extended gains on Monday on bargain hunting, while a weaker yen triggered a rebound in Tokyo futures. Spot gold rose to $662.50/663.20 an ounce from $660.90/662.40 late in New York on Friday, when it gained more than $3 after a fall to a two-month lows attracted physical buyers and bargain hunters.
Key April 2008 gold futures on the Tokyo Commodity Exchange rose 23 yen per gram to 2,610 yen. The yen hit a record low against the euro on Monday as investors felt encouraged to sell the Japanese currency after Group of Eight finance ministers avoided discussing its weakness at a meeting over the weekend.
The euro rose against the yen and hit a record high of 163.91 yen. The single currency was little changed against the dollar at $1.3520, well short of a record high of just above $1.3680 hit last month.
The dollar was slightly higher at 121.20 yen. Platinum rose to $1,314/1,319 an ounce from $1,307/1,311 in New York. Palladium was steady at $360/365 an ounce. Silver edged up to $12.98/13.02 an ounce from $12.91/12.96 late in New York.