Gold Eases to $1308 as Tensions Support Price

Gold edged lower on Monday, hovering below a three-week high as tensions between Ukraine and Russia eased and investors turned to rising global shares and some withdrew from exchange-traded gold funds.

Late on Friday Russia’s Defence Ministry said it had ended military exercises in southern Russia, which the United States had criticised as a provocative step in the Ukraine crisis.

Spot gold was down 0.2 percent at $1,307 an ounce. It reached a three-week high of $1,322.60 on Friday before easing back. U.S. gold futures for December delivery settled down 50 cents at $1,310.50.

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