Gold failed to find support from the escalating geopolitical tensions in Ukraine as a stronger dollar offset the metal’s safe-haven appeal. Spot gold was steady at $1,287.70 an ounce, after posting a small gain last week. The dollar index was trading near a 13-month high, hurting bullion.
Higher equities have also diminished the appetite for gold. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund and a gauge of investor demand, said its holdings fell 0.08 percent to 795 tonnes on Friday.
Hedge funds and money managers decreased their bullish futures and option bets in gold for a second consecutive week as a record rally in U.S. equities sapped demand for the safe-haven metal, data from the Commodity Futures Trading Commission showed on Friday.