Gold tumbled to $448 an ounce in New York yesterday for a $40 loss from overnight Hong Kong prices as traders retreated to "lick their wounds" and try to assess the next move. The dollar dipped slightly in featureless trading.

Gold had traded up to $519 in Hong Kong overnight before closing at $487.50 on the Far East market.

At the close in Zurich, gold was rated at $462.50, up from Wednesday's $459.50.

The volatility was underscored in London, where gold was rated at $466 at the afternoon fixing, then rose to $480 at the close, which roughly coincides with midday in New York. The London close was $461 Wednesday.

In New York gold plunged to $447.50 on the cash market from $485 the previous day. The New York Commodity Exchange settled at $448, down from $486. Silver fell to $9.005 an ounce from $9.45, and it settled on the Comex at $8.98, down from $9.51.

In London the pound edged up to $1.7270 from $1.72 Wednesday, and then went back to $1.7255 in New York.

In overnight Tokyo trading, the dollar rebounded to close at 259.60 yen, up from 257.70.