Gold Rises On Political Uncertainty, Shrugs Off Dollar Gains

Gold rise on Monday on geopolitical worries, but was trading in a tight range in the absence of any fresh clues on U.S. monetary policy and as the market looked to economic data later in the week for more direction. Supporting gold was geopolitical tension sparked by U.S. President Donald Trump who on Sunday held out the possibility of using trade as a lever to secure Chinese cooperation against North Korea. Global equity markets eased on Monday as investors assessed how Trump's protectionist stance on trade will play out during meetings with Chinese President Xi Jinping slated for Thursday and Friday. Spot gold was 0.3% higher at $1,252.66 per ounce by 2:15 p.m. EDT (1815 GMT), trading in a range between $1,244.05 and $1,253.52.

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