Iraq Sent Gold Much Lower

Gold tumbled $2.5 an ounce in volatile Asian trade on Monday after Iraq's election went off without expected attacks on oil facilities.

Gold for immediate delivery in London fell as much as $3.54, to $423.46 an ounce, the biggest drop since Jan. 25.

Dealers expect gold to trade in a familiar range of $421 to $428 an ounce as the market turns its attention to a G7 summit and a U.S. Federal Open Market Committee Meeting this week.

Spot gold was quoted at $423.50/424.30 an ounce by 0624 GMT, compared with $426.00/426.80 late in New York and London's Friday afternoon fix at $426.80 an ounce.