Metal Commodities
AP
Gold slipped off a three-week high on Monday, as investors eyed firmer equity markets and outflows from the world's top bullion fund, but held above $1,300 an ounce on concern over the Middle East and Ukraine.
Spot gold fell marginally to $1,308 an ounce, after hitting a three-week high of $1,322.60 on Friday. U.S. gold slipped about $1 to $1,310.
Asian stocks rose on Monday following Wall Street's rally as Moscow said it had finished military exercises in southern Russia, which the United States had criticized.
However, tensions remained high over the weekend. Artillery shells slammed into the outskirts of the Ukrainian city of Donetsk on Sunday as government forces tightened the noose around the rebel-held redoubt and called on pro-Russian separatists to surrender.
In the Middle East, the United States conducted a third day of air strikes on Sunday in Iraq against the Islamic State insurgent group. Israel and the Palestinians held their fire early on Monday at the start of a new 72-hour ceasefire proposed by Egypt.
Read MoreUkraine says stops Russian troops invading, Moscow callsstatement 'fairy tale'
Despite the risk-aversion sentiment, speculators cut their bullish bets on gold futures and options in the week to Aug. 5, according to Friday data from the Commodity Futures Trading Commission.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.79 tonnes to 795.86 tonnes on Friday.
--By Reuters
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