Gold was little changed on Friday after a rebound the previous day on physical buying at lower prices, rising oil prices and data showing US inflation pressures are stronger than expected. Spot gold stood at $647.00/648.50 an ounce, versus $647.90/$649.40 in late New York. On Wednesday, it hit a 3-1/2 month low of $638.90.
The most active gold futures contract for June 2008 delivery on Tokyo Commodity Exchange stood at 2,595 yen a gram, up 15 yen or 0.6 percent from the previous close. US crude oils steady at $69.55 a barrel in Asian trade. On Thursday it topped $70 for the first time in nearly 10 months following a sharp drop in gasoline stocks during peak summer driving demand in the world's biggest consumer.
The dollar held gains against the euro and yen on Friday a day after the Federal Reserve repeated worries about stubborn price pressure in its post-meeting statement.
The dollar was little changed from late New York trade at 123.25 yen, rebounding from a two-week low of 122.23 yen hit this week. The euro was little changed at $1.3438. Cash platinum traded at $1,272/1,277 an ounce, flat from $1,272/1,279.00 in late New York. Spot silver was quoted at $12.42/12.47 an ounce, versus $12.41/12.46 in New York. Spot palladium fetched $364/369 an ounce, compared with $363/367.
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