Gold Rose On High Oil Prices

Gold recovered from early losses on Monday after fund buying on fears of high oil prices and worries about the dollar's outlook.

Such fund buying helped gold resist selling pressure from investors keen to cash in the metal's gains to its highest since January 1981 at $567.60 on Friday.

Some dealers expected gold to trade in a range of $550 to $560 for the rest of the day.

Spot gold fell to as low as $549.00 an ounce before rebounding to $557.00/558.00, higher than $553.40/554.20 late in New York. Dealers expected volatile trading ahead.