Gold clinches to $1,300

FXStreet (Edinburgh) - The ounce troy of gold is trading almost unchanged on Monday, with gold hovering over the critical $1,300 handle so far.

Despite geopolitical tensions seem to have eased somehow over the weekend, the precious metal is managing to keep the trade around the key figure. However, the duration of the current calm in the geopolitical fronts – at least the escalation of violence seems to be taking a breather – remains a challenge for all the parties involved, prompting a cautious tone from traders.

At the moment, spot gold is down 0.1% at $1,310 with the immediate support at $1,301 (low Aug.7) ahead of the psychological mark at $1,300. On the upside, Friday’s high at $1,322 is the initial hurdle followed by $1,345 (high Jul.10).