Gold settled higher on Monday after a retreat in the dollar helped prices recover from early losses, though uncertainty over when the Federal Reserve will start trimming its extraordinary stimulus measures limited gains.
While no major policy change is expected when Fed officials meet on Tuesday and Wednesday, most recent U.S. economic data suggests that the beginning of the end of its massive bond-buying program will come sooner rather than later.
Spot gold was last up 0.4 percent to $1,242 an ounce, while U.S. gold futures for February delivery settled $9.80 higher at $1,244.40 an ounce.
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