SINGAPORE: Gold inched down on Friday after rising more than 2% in New York as the euro weakened against the dollar and equities markets extended losses on worries about a global recession. Gold was trading at $743.35 an ounce, down $1.35 an ounce from its notional close in New York on Thursday, when it hit an intraday high of $751.60 an ounce as physical buying helped it defy selling in equities. Japan's Nikkei slid 1.3% on Friday to a three-week low, as a stronger yen and an overnight plunge in US stocks prompted investors to dump exporters such as Sony Corp. The euro slipped to $1.2447 as investors sold risky assets such as stocks and commodities financed by loans denominated in the US dollar. Platinum was trading at $761.50 an ounce, down $1.00 from New York's notional close. It dropped to a 3-week low of $759.00 in early trade on Friday on recession worries which threatened to cut demand for auto catalysts. Democratic congressional leaders, seeking to salvage a bailout of the Big Three automakers, demanded executives provide a business survival plan in exchange for their support of up to $25 billion in loans. New York gold futures GCZ8 fell $4.2 an ounce to $744.5.
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