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Gold futures higher

in Tokyo Hong Kong

TOKYO: Yen-denominated gold futures edged up in the afternoon session in a move fuelled by the yen's late weakness against the dollar, traders said.

Gold futures ranged from seven to 15 yen per gram higher. Newly listed benchmark August closed at 1,195.

"Trading houses began buying buy gold futures in the afternoon seeing the dollar climbing to 97 yen in Tokyo, but the top of the 1,200 yen level for distant months was weighed on by profit-taking" one trader said.

Spot gold was quoted at $383.00/383.30 per ounce at the Tokyo close against $382.90/383.40 in New York on Monday.

"In the spot market, gold is likely to test the downside support of $381.10 in the near future as the upper side was proved to be heavy on producer selling," another trader said.

Platinum futures also closed at the higher end of the day's range. Prices ended from 11 to 18 yen per gram higher. Newly listed benchmark August closed at 1,300.

Silver futures were also up, boosted by trade houses encouraged by the yen's weaker tone, traders said.

Spot silver was quoted at $5.5825/5925 after opening at 5.6200/5.6300 and may continue to consolidate. Palladium futures ranged from four to eight yen per gram higher with the benchmark August ending at 457 yen. HONG KONG: Gold closed marginally firmer after trading sleepily within a 40 cent range, dealers said.

Bullion ended at US$383.10/60 an ounce, versus the local open and New York's Monday close of US$382.90/383.40.

"No one wants to take big positions ahead of the over-the-counter options expiry later overseas," said a dealer at an international metals house. "Gold's tone remains a little soft, with resistance at US$385-386 and downside support at US$382."

Local gold rose HK$7 to close at HK$3,537 a tael.-Reuter