* Gold down 1.2 percent, platinum down 4 pct
* Oil edges up to around $107 after 2.5 pct drop
(Updates prices)
SINGAPORE, Sept 24 (Reuters) - Gold slipped more than 1
percent on Wednesday, with speculators keen to book profits
after a recent rally, but fears of a delay to a $700 billion
U.S. rescue plan kept the metal's safe-haven appeal intact.
But record holdings in the world's largest gold-backed
exchange-traded funds, the SPDR Gold Trust <GLD>, showed
investors were moving back into bullion, said dealers.
"I think there has been increased investor interest in gold
over the past week," said David Moore, analyst at Commonwealth
Bank of Australia in Sydney, adding markets were closely
watching the progress of the U.S. bailout programme.
Gold <XAU=> was trading at $880.10 an ounce, down $10.60 an
ounce or 1.2 percent from New York's notional close. Gold
rallied to a seven-week high of $908.80 an ounce on Tuesday
before losing much of the gains due to a rebounding dollar.
Gold has bounced nearly 20 percent since tumbling to an
11-month low of $736 an ounce two weeks ago, which suggested
investors took advantage of lower prices and uncertainties in
the global economy to buy back bullion.
But gold remains well below a record high of $1,030.80
struck in March.
In other markets, the euro firmed to $1.4684 <EUR=>, while
oil <CLc1> edged up towards $107 a barrel, pausing from its 2.5
percent decline a day earlier, as forecast of a drop in U.S.
crude stocks more than offset doubts about the U.S.
government's financial rescue plan. []
Architects of the bailout plan urged U.S. lawmakers to act
swiftly or face dire economic consequences as global stock
markets fell for a second day on Tuesday on growing concerns
the rescue may be delayed. []
"I guess the focus is still on the bailout plan, and if you
look at holdings at SPDR, it shows investors are buying gold
again," said a dealer in Singapore.
"Gold's probably pulling back on profit taking and recent
gains in the dollar. I would guess there will be nearby support
levels at $870 and $875," said the dealer, referring to a level
seen last week.
Bullion holdings of the SPDR Gold Trust stood at a record
724 tonnes <XAUEXT-NYS-TT>.
Platinum dropped nearly 5 percent on Wednesday to track
weaker gold, as speculatorsbooked profits after pushing up the
price to its highest in twoweeks the previous day.
Platinum <XPT=> was trading at $1,152.50 an ounce, down
$60.50 or 5 percent from New York's notional close on Tuesday,
when it hit an intraday high of $1,255.50 an ounce.
Platinum posted its biggest one-day percentage gain on
Monday in line with rises in gold, according to Reuters data
dating back to 1985. Platinum is mainly used in autocatalysts.
Gold futures for December delivery <GCZ8> on the COMEX
division of the New York Mercantile Exchange slipped $4.9 an
ounce to $886.3 an ounce.
Precious metals prices at 0231 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 880.10 -10.60 -1.19 5.69
Spot Silver 13.13 -0.08 -0.61 -11.10
Spot Platinum 1152.50 -60.50 -4.99 -24.18
Spot Palladium 245.50 0.50 +0.20 -33.29
TOCOM Gold 2974.00 -14.00 -0.47 -2.81
20189
TOCOM Platinum 3898.00 -47.00 -1.19 -26.99
11104
TOCOM Silver 445.70 2.70 +0.61 -17.62
778
TOCOM Palladium 849.00 -13.00 -1.51 -37.16
303
Euro/Dollar 1.4685
Dollar/Yen 105.62
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Ben Tan)
