AUSTRALIA - SINGAPORE, Oct 16 (Reuters) - Gold slipped half a percent percent on Thursday after crude oil extended losses to trade at its weakest in more than a year on recession fears, reducing bullion's appeal as a hedge against inflation. -- By 0025 GMT, gold traded at $845.50 an ounce, down $2.50 from New York's notional close on Wednesday, when it gained 1 percent amid losses in stock markets. -- Oil tumbled on Wednesday, sliding to a 13-month low on expectations that a deepeningeconomic slowdown will cut into already weakening demand. -- Japan's Nikkei average dropped 4.5 percent on Thursday after the Dow fell more than 9.0 percent on growing fears that efforts to unlock blocked credit markets may not avert a severe recession. -- In theory, falling shares lift gold's appeal as an alternative investment but speculators might also sell bullion to cover losses in equities, which might curb the metal's gains. -- Platinum traded at $935.50 ounce, down $19.50 an ounce from New York's notional close. Platinum, mainly used in autocalysts to clean exhaust fumes, has been battered by poor car sales, especially in the United States. -- J.D. Power and Associates, which tallies U.S. auto sales on a daily basis, sees October sales on track to hit the lowest level in 17 years with a sales rate below 12 million units. -- New York gold futures rose $9.9 ounce to $849.0. Precious metals prices at 0023 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 845.50 -2.50 -0.29 1.54 Spot Silver 10.03 -0.20 -1.96 -32.09 Spot Platinum 935.50 -19.50 -2.04 -38.45 Spot Palladium 186.50 -2.50 -1.32 -49.32 TOCOM Gold 2707.00 -51.00 -1.85 -11.54 5015 TOCOM Platinum 3013.00 -237.00 -7.29 -43.57 2989 TOCOM Silver 321.00 -33.40 -9.42 -40.67 413 TOCOM Palladium 616.00 -53.00 -7.92 -54.40 154 Euro/Dollar 1.3472 Dollar/Yen 99.59 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 Anshuman Daga)

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