Gold was trapped in a range on Monday after crude oil reversed gains and sentiment turned sour because of the metal's failure to sustain recent highs.

Gold shrugged off news that four separate bombs at a popular Turkish coastal resort and in the country's commercial hub Istanbul had wounded at least 27 people, including 10 British tourists.

Spot gold hit a high of $623.50 an ounce and then retreated to $622.10/623.60 an ounce. That was little changed from $621.50/623.00 late in New York on Friday, when the metal rose more than $1 because of a jump in oil prices.

"I just think sentiment is probably on the wane. I'd be more tempted to think that we might be heading towards $600 again. It just doesn't seem to want to break up again at the moment," said Darren Heathcote of Investec Australia in Sydney.

"I'd think people are not very strongly bullish at the moment...a little bit lost as to the future direction, what they should be doing with regards of their investments in terms of buying gold as a safe haven or as anti-inflationary hedge," he said.

Gold rose to its highest in nearly two months at $676 an ounce in mid-July but then dropped to near four-week low around $601 a few days later. It rebounded to its highest in two weeks around $655 and trading had been choppy since.

Gold spiked to a 26-year high of $730 in mid-May as tension in the Middle East, rising energy costs and uncertainty in the dollar's outlook sparked safe-haven buying.