Gold was steadier in Asia on Monday after securing some gains in New York but trading was confined to a tight range with US financial markets closed for the Independence Day holiday, dealers said.
Spot gold was at $397.70/398.40 an ounce by 0411 GMT, compared with $397.55/398.30 in New York on Friday, when gold gained nearly $2 after investors abandoned the dollar in reaction to weak US jobs data.
In Tokyo gold futures, benchmark June 2005 added three yen per gram to 1,389 yen.
Some analysts said that gold could regain $400 but the metal's rebound to a 10-week high of $404.60 an ounce last Monday from this year's low of $371.00 in early May did not suggest a sustainable recovery.
"The move up seems to be just a corrective swing and not necessarily anything that's starting the trend up," said one analyst in Sydney.
"We would probably have another go at $402 over the next 24 hours. But I don't think we are going to hold above $401. I guess we will start dropping backward again," he said.
Some analysts said a drop below $392 would trigger a sell-off that could bring back prices to $371 an ounce. Monday's trading range was seen at $397 to $400 in Asia and Europe.
"I don't think people want to take new positions because of the holiday.
There's no physical buying at this level, so let's wait for tomorrow," said one dealer in Hong Kong, a key bullion trading city in East Asia.
Dealers said a firm euro was providing some support for gold but many investors opted to stay on the sidelines because of the US holiday. A weaker dollar makes dollar-denominated gold cheaper for the Europeans.
The euro was at around $1.2317, versus around $1.2314 in late US trade. The single currency earlier hit a 3-1/2 week high around $1.2330.
The dollar fell in New York after data showed that US employment grew by 112,000 jobs in June, far below market forecasts for an increase of 250,000. May's payrolls were also revised down to 235,000 from 248,000.
In other precious metals, platinum was at $780/785 an ounce, up from $776/780 in New York. The precious metal had touched a high of $781 an ounce in Asia.
Some dealers said industrial buying was providing some support for platinum since prices fell below $800 last Monday, making the metal more affordable for consumers. But a retest of May's five-month low of $764 could not be ruled out, they said.
Sister metal palladium was at $214/219 an ounce, up from $211/216.
Silver was at $5.99/6.02 an ounce compared with $5.98/6.01 in late US trade.
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