By Arpan Mukherjee Of DOW JONES NEWSWIRES WELLINGTON (Dow Jones)--Gold edged higher in thin trade after lingering below the overnight close for much of the Asian morning. At 0450 GMT, spot gold was at $1,644.50 a troy ounce, up $1.90 from its previous close. The yellow metal traded no higher than $1,644.79/oz and no lower than $1,640.40/oz during the session. "We might see some safe-haven buying today on weak [overnight] U.S. data," Phillips Futures analyst Lynette Tan said, adding that the metal is unlikely to break above $1,660/oz in the near term. Gold has mostly traded in line with industrial metals in recent months, with its safe-haven status taking a back seat to concerns that demand may be depressed if the global economic recovery falters. Sales of previously owned homes in the U.S. fell in March for the second straight month, missing expectations, while U.S. initial jobless claims rose to their highest level since Jan. 28, a sign of lost momentum in the labor market. Fund buying interest and physical gold demand continued to be subdued, said a Hong Kong-based trader, who said he was wary that prices might pull back. ANZ analyst Natalie Robertson said in a note that gold's "target looks to be $1,630/oz and a break below there could see prices dip towards $1,600/oz." Charts suggest a breach of $1,630/oz could open the way for a $100 plunge, she added, "but we think physical and central bank buying would limit that." Spot silver was at $31.83/oz, up 3 cents. Scotiabank noted that silver has been moving sideways, between $31and $32.50, this month. But, it isn't either building a base or consolidating before the next leg lower, it said in a note. Palladium was at $663.90/oz, up $2.90, while platinum was at $1,576.50/oz, down 50 cents. Platinum fall, due to concerns about global economic growth, was cushioned by physical buying and bargain hunting, Dallas-based precious metals dealer Dillon Gage said in a note. "I expect buyers to step in on any price setbacks in platinum, keeping it supported this year," Dillon Gage President Terry Hanlon said, adding that platinum is in demand in Chinese and Japanese jewelry markets. Earlier this week, Mitsui Global Precious Metals said in a report that Japan's largest precious metals retailer, Tanaka, reported a 39% increase in sales of platinum bars to investors in the first quarter of 2012 compared with the same period a year earlier. Some analysts said they expected palladium to be in deficit by the end of 2012, providing price support. -By Arpan Mukherjee, Dow Jones Newswires; 64-4-471-5990; arpan.mukherjee@dowjones.com

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