Spot gold was little changed at USD 1,308.70 an ounce, U.S. gold for August delivery was also steady at USD 1,309.90 an ounce on Monday. Gold prices moved down by 0.57% on Friday.
Gold steadied above the USD 1,300 an ounce support level on Monday, aided by anticipation of increased geopolitical risks as the United States began demanding answers from Russia after a Malaysian plane was downed in eastern Ukraine.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 805.14 tons on Friday. Hedge funds and money managers cut bullish bets on gold futures and options this week for the first time in six weeks as prices tumbled as fears faded over the health of the banking sector in euro zone peripheral economies.
Emkay Commodity Research expects gold prices are expected to move in a range to down for the day over its fading safe haven appeal.
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