LONDON (MarketWatch) — Gold futures were unable to hold on to cautious gains, dropping well below $1,200 an ounce Monday.

Gold for February delivery US:GCG5 fell $16.20, or 1.4%, to $1,179.8 an ounce. Silver for March US:SIH5 fell 34.2 cents, or 2.1%, to $15.688 an ounce.