Investing.com - Gold futures traded above the key $1,300-level on Monday, as ongoing tensions in Gaza and Ukraine underpinned demand for safe haven assets.
On the Comex division of the New York Mercantile Exchange, gold for August delivery tacked on 0.37%, or $4.90, to trade at $1,314.30 a troy ounce during European morning hours.
Prices held in a tight range between $1,308.00 and $1,314.80. Gold ended Friday’s session down 0.57%, or $7.50, to settle at $1,309.40 an ounce.
Futures were likely to find support at $1,293.50, the low from July 16 and resistance at $1,325.90, the high from July 17.
Investors remained cautious following the shooting down of a Malaysian airliner in eastern Ukraine late last week, with the U.S. blaming pro-Russian separatists for the act.
U.S. Secretary of State John Kerry said Sunday that there was overwhelming evidence of Russian complicity in the downing of the airliner.
The U.N. Security Council is due to vote Monday on a resolution that would condemn the downing of the passenger plane and allow international investigators access to the crash site.
The conflict in Gaza was also in focus. On Monday, some 100 Palestinians and 13 Israeli soldiers had been killed in a nearly two-week military offensive in the Gaza strip.
Despite heavy casualties, Israeli Prime Minister Benjamin Netanyahu warned on Sunday that military operations against Hamas militants could be expanded.
Gold is often seen as a haven investment in times of geopolitical uncertainty.
Also on the Comex, silver for September delivery tacked on 0.73%, or 15.2 cents, to trade at $21.03 a troy ounce.
Elsewhere in metals trading, copper for September delivery dipped 0.04%, or 0.1 cents, to trade at $3.183 a pound.