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Gold moved in a narrow range in Asia on Wednesday as dealers waited for fresh leads from the currency markets ahead of the release of key US economic data. Spot gold was trading at $426.00/426.50 an ounce by 0410 GMT, little changed from $425.65/426.40 last quoted in New York on Tuesday. The market was expected to trade in a familiar $423-$428 an ounce range ahead of the release of final US fourth-quarter GDP figures on Wednesday and March non-farm payrolls data on Friday.
Gold has tracked movements of the US dollar against other currencies in recent weeks. That means any data, which offer fresh clues to the dollar will be closely watched by investors.
Gold, used for jewellery and investment, has lost nearly 5 percent in value since hitting a 2005 high of $446.70 on March 11 due to profit-taking and a firming dollar that reduces the metal's safe-haven appeal.
"I do see some physical demand but there's nothing special about it. It's rather quiet because we are waiting for the data," said one dealer in Hong Kong, a key bullion centre in East Asia. Premiums for gold bars were steady at 10 US cents an ounce to the London spot price in Hong Kong.
In currencies, the euro was at $1.2951, up from $1.2921 in late New York trading. The dollar has climbed as much as 4.6 percent against the euro since mid-March as traders unwound bets against the currency on expectations for more aggressive US interest rate rises.
Higher rates tend to boost demand for dollar deposits and may prompt some funds to switch out of assets such as commodities, said dealers.
In other precious metals, spot platinum was at $857/862 an ounce from $859/864 in late New York.
Sister metal palladium firmed to $192/197 an ounce from $191/196 an ounce in late US trade.
Silver rose to $6.97/6.99 from $6.94/6.97.

Copyright Reuters, 2005

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