LONDON, Oct 17: Gold drifted higher in Europe on Monday, searching for a clearer direction after last week’s sell off but attracting some buyers as the dollar slipped and oil prices gained, traders said.

Bullion shed some three percent last week when it fell from a near-18-year peak above $480 to $465 on Thursday.

Gold prices continue to lack any clear direction, as the market ponders whether the correction lower at the end of last week was merely that — a correction — or the beginnings of a more serious retracement, Alan Williamson, metals anlyst with HSBC, said in a daily report.

Spot gold was at $471.20/ 472.00 a troy ounce, up from New York’s late quote on Friday of $469.10/469.90.—Reuters