Gold rose but then dropped on Monday after gaining nearly $2 in New York
Gold rose but then dropped on Monday after gaining nearly $2 in New York on late short covering, and dealers said the metal would be trapped in a tight range until new leads emerged.
Spot gold hit a high of $638.50 an ounce before retreating
to $636.00/637.00, slightly higher than $635.40/636.40 late in
the U.S. market on Friday, when slower-than-expected U.S.
economic growth hit the dollar and ignited demand for gold.