SINGAPORE, Mar 5 Gold moved in a more than $ 30 range on Monday after losing nearly 3 per

SINGAPORE, Mar 5 (Reuters) Gold moved in a more than $30 range on Monday after losing nearly 3 percent in New York, suggesting that investors remained nervous as a surging yen knocked down Tokyo futures.

Shares of gold miners dropped in Australia, with Newcrest Mining falling 4.94 percent, Kingsgate Consolidated 2.4 percent, Lihir Gold 5.2 percent and Bolnisi Gold 5.36 percent.

Spot gold hit an intraday high of $673 an ounce before slipping to $639.70, its lowest since Jan. 24.

It was quoted at $641.70/642.40 by 0350 GMT, down from $643.10/643.80 late in the U.S. market on Friday, when investors cashed out on precious metals to pay for losses in other markets.

''Looking forward, I think gold prices have already adjusted quite significantly lower. There is the possibility we might see some speculative investment buying at these sort of levels,'' said David Moore, commodity strategist at the Commonwealth Bank of Australia in Sydney.

But gains could be limited, with investors holding long positions in gold and also if the yen continued to rise. ''Even if gold prices do start to bounce, I think any bounce will be very limited at this stage,'' said Moore.

Benchmark gold futures for February delivery on the Tokyo Commodity Exchange tumbled by their daily 90-yen limit to 2,432 yen per gram on stop-loss selling triggered by a rise in the yen against the dollar.

Purchases from Japanese investors helped gold reach multi-year highs last year. The metal hit a 26-year high of $730 an ounce in mid-May.

Gold has lost around 7 percent in value since rising to a nine-month high of $689 an ounce last Monday.

''To my mind, one of the key factors behind that has been the appreciation of the yen which has disrupted, if you like, yen-funded investments into gold as well as other assets,'' Moore said.

Gold is often used by investors as a safe haven in times of financial uncertainty, but analysts said that this time funds opted for cash and to pay off losses because of the equities rout.

The yen hit a three-month high against the dollar as another wave of investors rushed to reverse bets against the Japanese currency, with the market still anxious over tumbling stock markets.

The yen's rally exacerbated a pull-back from riskier assets and drove the Nikkei average <.n225> down another 2.2 percent on the day.

The dollar tumbled to a three-month low against the yen at 115.47 yen. The euro dropped to $1.3150 .

''Any slide below the 630 would damage the charts and delay the potential and probability to hit the all-time highs,'' said Pradeep Unni, an analyst at Vision Commodities Services DMCC in Dubai.

''Strong buying interest would emerge around the $630-640 zones, upon which $650 would be resistance,'' he said.

Silver eased to $12.78/12.83 an ounce from $12.89/12.94 late in New York.

Platinum rose to $1,201/1,206 an ounce from $1,200/1,205 an ounce in New York. Palladium slipped to $340/345 from $344/349 an ounce.

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