Flat trade during the last week, particularly during early European business, suggested fresh options positions building up on either side of spot gold's $279.00 to $282.00 range, according to one London analyst.

That could trap prices for weeks in a repetition of the prolonged sideways trade seen several times already this year. "If you lay large options positions around the price then it becomes self fulfiling," said the analyst."I see it being fairly dull for the next couple of weeks," he added.

Gold dealers were already looking ahead for news from Switzerland's late April referendum on constitutional changes linked to possible gold sales and to the International Monetary Fund's Spring meeting on possible gold sales for debt relief. One London dealer said last week had all thehallmarks of a quiet day in gold.