Gold held steady in thin trade on Friday, with many dealers already away for Christmas holidays, and the metal was likely to trade in a narrow range during the session ahead of a slew of US economic data.

Spot gold hit an intraday high of $619.40 an ounce and was at $618.70/619.70 by 04:03 GMT, steady near the $618.20/619.20 seen in late New York trade on Thursday.

Gold dropped more than $3 in the US market after falling crude oil prices triggered liquidation.

If the price stays around the current level, gold would end the year with a gain of around 20% but would still be some way off its peak in May of $730, its highest in 26 years.

"It's going to be a half-day in my office today. The trading range will be the same at $610 to $650 until the end of the year, although I also see a chance for gold to fall to $608 because of the thin trading," said a dealer in Singapore.

In Tokyo, benchmark gold futures on the Tokyo Commodity Exchange fell ¥11 per gram to ¥2 377, tracking declines in New York's Comex market.

Japanese retail invetors are cautious ahead of the Bank of Japan's policy meeting on interest rates in mid-January, while recent gains in Nikkei average have encouraged some investors to shift their money into the stock market, said dealers.

Puchases from Japanese investors helped gold reach multi-year highs this year.

"At this moment, people don't show any interest in commodities, not only in gold," said Yukuji Sonoda, a precious metals analyst at Daiichi Commodities in Tokyo, referring to a sell-off in base metals.

"Individual investors only show keen interest in the stock market," said Sonoda who expected gold to trade in a $620 to $625 range next week.

The dollar was little changed at ¥118.35 - off a six-week high of ¥118.53 hit on Thursday. The euro edged up to $1.3188 from around $1.3175.

Dealers are waiting for a fresh dose of US economic data on personal consumption, durable goods orders and consumer sentiment. The data may offer more clues on whether the Federal Reserve will start to trim interest rates next year.

Silver edged up to $12.41/12.48 an ounce from $12.35/12.42 an ounce in New York.

Platinum rose to $1 120/1 125 an ounce from $1 117/1 122. Dealers said the metal may trade in $1 120 to $1 130 an ounce range next week.

Palladium fell to $323/328 an ounce from $326/329 an ounce late in New York.