Gold Reaches $1290 And Retreats

August Gold futures are trading higher by $10 at $1285.90 in Monday's session. In premarket trading it found support just under Friday's close ($1275.90), reaching 1275.20 before turning higher. So far, it has reached $1290.39 before pulling back into the mid $1280 handle. That marks the highest level for the contract since it reached $12892.40 on May 16.