LONDON, Jan 2 (Reuters) - The gold price edged higher in Europe at the start of the new year on Friday, with selling on the morning fix paring gains.
Gold was trading at $415.75/$416.25 at 1107 GMT, 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.
The dollar had resumed its downward trend against the euro, lending support to gold prices. It hit a three-year low against the yen.
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