Precious-Gold rebounded slightly on Monday as escalating tensions in Ukraine provided some haven demand on the metal.
Gold has found some support from the unrest in Ukraine, where Pro-Russian separatists in Eastern Ukraine declared their secession after a vote held on Sunday showed unsounding victory.
However, the government in Kiev and its U.S. and European allies considered the referendum as illegitimate.
Earlier today, gold prices fell tot eh lowest level in a week, where it continued to find support at $1280 levels.
Bullion became more expensive for holders of other currencies after the dollar climbed to one-month high last week.
The most recent data suggest that recovery in the world’s biggest economy is gaining traction despite the withdrawal of bond purchases by the Federal Reserve.
The OECD predicted this week the U.S. to post a faster growth in the second quarter and in the rest of the year after the end of the harsh cold winter weather. The economy will expand 3.9 percent this quarter while will average 2.6 percent this year, the OECD said.
The U.S. dollar retreated for the first time in four sessions versus a basket of major currencies to hover around 79.85, after hitting a peak of 79.97, according to the dollar index.
The green currency took advantage of the fall in the euro after dovish comments from ECB President Mario Draghi last Thursday.
Gold marked a weekly drop last week, while it currently trading around $1292.30 an ounce after hitting a high of $1292.59 and a low of $1279.56.
The trading below Daily SMA 200 located at $1298 levels forced the metal to record its biggest one-day drop in three weeks last week.
Crude Oil for June’s delivery rose to trade around $100.22 a barrel after touching a low of $99.92.