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Gold little changed as investors assess Syria strikes fallout

Reuters  |  BENGALURU 

By Verma

BENGALURU (Reuters) - Gold prices were little changed in Asian trade on Monday as markets assessed the possible consequences of a U.S.-led missile strike against over the weekend, in the biggest intervention by powers against a

Spot gold was down 0.1 percent at $1,344.03 an ounce as of 0753 GMT, while U.S. gold futures eased 0.1 percent to $1,346.80 an ounce.

Forces from the United States, Britain and pounded with air strikes early on Saturday, hitting three of Syria's

"It's too early to say what the impact is; if you think what the risk assets and dollar has done in Asian hours, gold is steady in comparison. It has done its job and brought stability to those who hold gold in their portfolio," said at UBS in Hong Kong.

shares ex-fell 0.7 percent and the dollar index was down 0.1 percent.

Russian warned on Sunday that further attacks on would bring chaos to world affairs, as prepared to increase pressure on with new economic sanctions.

"Gold prices are biased upwards in the short-term as gold is still seen as a safe-haven asset amid tensions over Syria, U.S.-sanctions and trade war," said Brian Lan, at GoldSilver Central in

Spot gold may break a resistance at $1,348 per ounce and rise more towards the next resistance at $1,355, said Reuters'

Speculators raised their net long positions in COMEX gold contracts by 363 contracts to 138,212 contracts in the week to April 10, (CFTC) data showed on Friday.

Dealers trimmed their short positions in silver by 3,187 contracts to 36,417 contracts, the data showed.

Silver fell 0.3 percent to $16.57 per ounce, while platinum gained 0.1 percent to $928.20 an ounce.

Palladium was 0.2 percent lower at $985.10 per ounce after hitting a three-week high of $990.50 on Friday. Prices rose 9.6 percent last week, their biggest weekly gain since January 2017.

(Reporting by Verma in Bengaluru; editing by and Biju Dwarakanath)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 13:29 IST