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Monday, 10 April 2017

Gold edges down on stronger dollar, but geopolitical tensions support

By Sethuraman N R

Gold inched down on Monday on a stronger dollar, moving away from a 5-month high hit in the previous session, although geopolitical tensions continued to buoy safe-haven demand for the precious metal.

Top aides to U.S. President Donald Trump differed on Sunday on where U.S. policy on Syria was headed after last week's attack on a Syrian air base, while U.S. Secretary of State Rex Tillerson warned the strikes were a warning to other nations, including North Korea. Spot gold was down 0.1 percent at $1,252.20 per ounce by 0319 GMT, while U.S. gold futures had dropped 0.2 percent to $1,254.30.

Spot gold hit its highest since Nov. 10 at $1,270.46 on Friday and crossed the 200-day moving average. But, it failed to close above that key resistance level. The dollar index on Monday rose as much as 0.15 percent to over 3-week highs at 101.340.

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