Gold was trading at $415.75/$416.25 at 6:07 a.m. EST, having fixed at $415.20, after a 10-minute fix where dealers tried in the area just above $416 before settling on a price nearly a dollar lower.

"It was very quiet until the fix," one London bullion market trader said. "That's the one move of the morning."

Prices had opened the new year with tight range trade in Asia. Bids were ranging from a low of $414.75 to a bid high of $415.50.

Prices in Europe remained above Wednesday's New York close of $414.80/$415.30, with both New York and Tokyo markets shut until Monday.

Given quiet trade, dealers said the market was unlikely to surpass the 1996 peak of $417.70 an ounce today.

"Monday morning could be interesting," the trader said. "The funds jammed up prices for the close of the year. The question is, have they any more money to buy? There could be a retracement."