* Platinum tumbles 5 percent to near 1-year low
* Gold down 1 percent as rally falters
(Updates prices, adds quotes)
By Lewa Pardomuan
SINGAPORE, Aug 19 (Reuters) - Platinum slipped more than 5
percent on Tuesday to its lowest since mid-September last year,
on waning demand from automakers and general weakness in
precious metals that saw gold dip back below $800.
Gold's fall after rising more than 1 percent in New York
shows the metal remains vulnerable to gains in the dollar.
Silver also dropped and palladium struck its lowest level since
mid-June 2006.
Spot platinum <XPT=> dropped to $1,315.50/1,335.50 an ounce
from $1,386/1,406 an ounce late in New York, with falls in
Japanese futures adding to selling pressure. It fell as low as
$1,310 at one point.
"EU autommobile production decreases. Both gold and
platinum continue to be bearish. Platinum may be below $1,200,"
said Kazuhiko Saito of Interes Capital Management in Tokyo.
Platinum powered to a record high of $2,290 an ounce in
March after a power shortage in main producer South Africa
disrupted mining and triggered supply worries.
It rallied as much as 50 percent in 2008, but has dropped
more than 40 percent since hitting the record peak due to
profit taking, and a slowing U.S. economy that has raised fears
of falling demand for autocatalysts, the major use for the
metal.
"From the charts, platinum seemed to have returned the
premiums from the earlier South Africa crisis and in fact we
are almost at one-year lows. I am looking at the $1,200-$1,250
region for support now," said Adrian Koh, analyst at Phillip
Futures.
"Looks like a bad week for precious metals," he said.
Gold <XAU=> fell to $791.50/793.50 an ounce from
$799.65/801.05 late in New York on Monday, when it briefly
regained $800 in a technical rebound, after falling to its
lowest level in nine months around $773 an ounce last week.
Gold was well below a lifetime high of $1,030.80 hit in
March.
"General sentiment for gold remains weak and I guess we are
likely to see more selling on strength. For near-term support,
I am currently looking at the $770 region," said Koh of Phillip
Futures.
"If we move below that, then the $750s will be a very
important level to look at," he said.
The dollar barely budged against a basket of currencies on
Tuesday, taking a break from its sharp two-week surge as
investors kept an eye on commodity prices for any further drop
that could boost the greenback. []
Gold futures for December delivery <GCZ8> on the COMEX
division of the New York Mercantile Exchange fell $9.1 an ounce
to $796.60.
Spot palladium <XPD=> fell to $274.00/279.00 an ounce from
$283.00/291.00 an ounce. Silver <XAG=> edged down to
$12.88/12.98 an ounce from $13.07/13.13 an ounce.
The most active Tokyo platinum contract for June 2009
delivery <0#JPL:> on the Tokyo Commodity Exchange ended the
morning session 264 yen per gram lower at 4,591 yen.
Precious metals prices at 0317 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 791.50 -7.05 -0.88 -4.95
Spot Silver 12.88 -0.30 -2.28 -12.80
Spot Platinum 1315.50 -67.50 -4.88 -13.45
Spot Palladium 274.00 -16.00 -5.52 -25.54
TOCOM Gold 2804.00 -29.00 -1.02 -8.37
29813
TOCOM Platinum 4591.00 -264.00 -5.44 -14.01
20598
TOCOM Silver 460.40 -4.90 -1.05 -14.90
621
TOCOM Palladium 980.00 -38.00 -3.73 -27.46
895
Euro/Dollar 1.4690
Dollar/Yen 109.76
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Editing by Ben Tan)
