Gold Surged Up On in Asia

Gold bounced around on Thursday, flirting with $650 before falling from there on a lack of physical buying and sales of scrap in parts of Asia.

Spot gold fell to $646.10/647.60 an ounce from $647.80/649.30 an ounce late in New York. It had opened trade around $650 and touched a low of $644/oz.

Dealers in Singapore, a centre for bullion trading in Southeast Asia, reported persistent sales of scrap gold as holders took advantage bullion's recent rise.