Gold Drifts Toward $1300

August Gold futures are trading lower by $9 in Tuesday's session at $1315.70 per ounce in Tuesday's session. The contract has been slowly suurrending some its huge gains from Friday, when the contract rallied from $1263.10 to $1322.40. The contract peaked just above $1328.30 at $1329.50 in premarket trading. After piercing Monday's low $1320.80, it has fallen to $1308.20 and has attempted to rebound. Over the pas hour it has been consolidating at the $1315 are.