LONDON, Oct 20: Gold bullion traded routinely in Europe on Monday, taking direction from currency factors, but largely remaining range-bound, well above Friday’s seven-week lows, traders said.

Prices held marginally above Friday’s closing levels, but business was restricted to a fairly tight two-dollar band just above $370.00 an ounce. Bullion was fixed at $371.45 an ounce, against Friday’s $370.50.

Snow’s comments that the US is not trying weaken the dollar have pressured the metal....With confidence in the US economy growing steadily US equity markets and the dollar seem likely to make good gains, leaving gold open for further pressure over the coming sessions, James Moore of TheBullionDesk said.

Bullion traders said they expected gold to continue ranging in the short-term, with longer-term direction more difficult to gauge..—Reuters