· Gold prices rose on Monday as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering U.S.-Sino trade tensions supported the bullion as well.
· Spot gold was 0.4 percent higher at $1,258.61 an ounce, as of 0351 GMT, while U.S. gold futures for August delivery were up 0.3 percent at $1,259.90 an ounce.
· "Some short-covering has likely ensued given certainties over the U.S.-Sino trade tensions on Friday. Still, the uptick in risk appetite into the week may be short-lived if more trade tariff threats are seen into the week ahead," said OCBC analyst Barnabas Gan.
· "With the ongoing U.S.-Sino trade tensions, the resignation of David Davis will likely be a side-show, though it may raise some concerns amongst market-watchers depending on how the overall Brexit issue progresses," OCBC's Gan added.
· Spot gold may rise into a range of $1,268-$1,277 per ounce, as it has cleared a resistance at $1,257, Reuters technicals analyst Wang Tao said.
· Among other precious metals, silver rose 0.7 percent at $16.11 an ounce.
· Platinum gained 1.2 percent to $850.15 per ounce and palladium was 0.4 percent higher at $957 an ounce.
· Wall Street and Main Street have both flipped from bearish to bullish short-term forecasts for gold prices, based on the Kitco News weekly survey.
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