Gold futures declined more than $4 an ounce Monday, as traders cautiously factored in relative calm in the Middle East.
The April gold contract fell $4.20 to end the New York Mercantile Exchange session at $557 an ounce, after trading as low as $554.80. The front-month contract had surged $10.30 on Friday to close at a two-week high on safe-haven buying stemming from a thwarted attack on a key oil refinery in Saudi Arabia. Read more.
"Gold is looking set for more sideways trade," said James Moore, an analyst at TheBullionDesk.com. He pegged a range of $548 to $560 an ounce for the precious metal.
The market still shows "interest in marching for the $600 level in the short run," said Peter Spina, an analyst at online resource GoldSeek.com.
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Gold Futures Lost 4 Bucks
Gold futures closed with a loss of more than $4 an ounce Monday
