By Glenys Sim and Kim Kyoungwha Dec. 1 (Bloomberg) - Gold was little changed as the dollar climbed from a 14-year low against the yen after the Bank of Japan said it will hold an emergency policy meeting today. The dollar rose for the first time in six days against the yen after Japan’s central bank said it will hold a meeting today at 2 p.m. in Tokyo, spurring speculation authorities will intervene after the nation’s currency surged to the highest level since 1995. “I don’t think any BOJ decision will have much impact on commodities other than a little bit of downward pressure as the dollar strengthens against the yen,” said Tetsuya Yoshii, vice president for derivative products at Mizuho Corporate Bank Ltd. Gold for immediate delivery traded at $1,179.48 an ounce at 2:14 p.m. in Singapore. Gold for February delivery dropped 0.2 percent to $1,180.20 on the Comex division of the New York Mercantile Exchange. The metal reached an all-time high $1,195.13 on Nov. 26 and marked its biggest monthly gain in a year yesterday. It’s up 33 percent this year. “It will still be the dollar’s performance driving commodities but I think many investors are on the sidelines at current price levels,” said Yoshii. The dollar traded at 87.38 yen from 86.41 yen in New York yesterday. Japanese Prime Minister Yukio Hatoyama will meet Bank of Japan Governor Masaaki Shirakawa “soon,” to discuss quantitative easing policies in addition to falling prices and the stronger currency, Chief Cabinet Secretary Hirofumi Hirano told reporters yesterday. ‘Consolidation Mode’ “Gold is in a consolidation mode, sparked by lingering worries that there might be another case of debt problems and a recent spike in prices,” said Chris Yoo, head of the trading team at Samsung Futures Co. in Seoul. “The rally hasn’t run its course yet and the dollar’s weakness could reignite investor interest.” Gold declined as much as 4.2 percent after Dubai World, one of the emirate’s three main state-related holding companies, indicated it may need to renegotiate as much as $59 billion of debt, sparking a dollar rally. The precious metal rebounded yesterday after the company said it is in “constructive” talks with banks to restructure about $26 billion of debt. Among other precious metals, silver fell 0.1 percent to $18.46 an ounce, platinum increased 0.1 percent to $1,455.85 an ounce and palladium rose 0.6 percent to $367.75 an ounce. To contact the reporters on this story: Kyoungwha Kim in Singapore at kkim19@bloomberg.net; Glenys Sim in Singapore at gsim4@bloomberg.net

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