FRANKFURT (MarketWatch) -- Gold futures dropped early Monday, as strong earnings reports from European banks boosted market sentiment and diminished safe-haven demand for gold. Gold for August delivery fell $5 to $1,176.70 an ounce on the New York Mercantile Exchange. The contract earlier hit an intraday low of $1,174.70 an ounce. European stocks posted strong gains Monday and U.S. stock futures pointed to opening gains on Wall Street.
