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Gold eased in Asia on Friday, desperate for fresh physical buying after a choppy session in New York.
Spot gold touched a high of $424 an ounce before selling by Australian investors dragged down prices to $422.50/423.25.
That compared with New York's last quoted level of $423.85/424.55, London's on Thursday afternoon fix of $421 and well below a 15-year peak of $430.50 hit on Tuesday.
"I would say fund selling will happen at around $425, while physical demand would only emerge at $417 or $416," said one dealer in Hong Kong.
"The market will follow the currency movement and it should be quiet on Monday because the Japanese will be on holiday," he said.
Chartists pegged support at $417 and $413 and said prices could fall to $410-$407 region if those levels were broken.
A technical hurdle was developing at $425 an ounce, they said.
The benchmark December 2004 gold contract on the Tokyo Commodity Exchange rose 13 yen per gram to 1,441 yen.
New York's Comex gold rose in volatile trade on Thursday, tracking a recovering euro after the European Central Bank left interest rates steady, despite concern that a rallying currency will hamper a euro-zone economic recovery.
Gold has been dictated lately by movement of the euro as diversification out of the dollar drove investors into alternative currencies and precious metals.
The dollar struggled within sight of record lows against the euro on Friday after the European Central Bank chief said an improving global economy should help European exporters bear the burden of a strong euro.
The euro was at $1.2754 in the afternoon, off on Tuesday's record high of $1.2813, while the dollar was at 106.21 yen.
Spot silver was quoted at $6.20/6.22, platinum at $848.00/853.00 and palladium at $199.00/204.00.

Copyright Reuters, 2004

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