Gold settled on Monday to trade near the two-week low recorded in the previous session as strong US economic data supported the dollar to strengthen its status as a safe haven for gold amid geopolitical and trade tensions.

There was little change in the price of gold at $ 1276.55 an ounce by 05:25 GMT.

The dollar rose in US trade futures to $ 1276.20 an ounce.

The yellow metal hit a two-week low of $ 1274.51 an ounce on Friday after US data showed that consumer sentiment in the United States jumped to a 15-year high in early May amid rising confidence over the outlook for the economy.

For other precious metals, silver rose 0.3 percent to $ 14.44, as it was the lowest level in more than five months at $ 14.35 in the previous session.

Platinum rose 1.1 percent to $ 822.55 an ounce after falling to $ 812.50 in the previous session, which is the lowest level since March 11.

Palladium rose 0.5 percent to $ 1,316.65 an ounce.

The metal used in automotive exhaust systems fell about 19 percent from its March high of $ 1,620.53.

Source: Asharqia Chamber

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