Gold futures did an abrupt about-face Monday
Gold futures showed a steep drop on Monday, turning sharply lower largely on profit-taking, traders and analysts said.
August gold settled down $16.10 to $651.90 an ounce on the Comex division of
the New York Mercantile Exchange.
The contract had gotten up to $677.50, its strongest level since May 24, in
overnight screen trading due to follow-through buying from last week and
continued fighting between Israel and Hezbollah forces in Lebanon. But then
gold gave up more than $30 to its low for the session of $646.