Gold drifts lower, awaits US economic signals

Gold declined in Europe on Monday after gaining overnight as a steady dollar against the euro and weaker oil prices triggered profit taking.

Dealers said gold would remain confined in a broad range as investors awaited the outcome of a meeting of the Federal Reserve and U.S. economic data due for release this week.

Spot gold hit an intraday high of $647.70 an ounce in Asia before falling to $642.40/643.40 by 1049 GMT, compared with $645.00/646.00 in New York late on Friday.

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