Gold prices settled lower on Friday as stock markets wavered on both sides of the Atlantic, but the metal managed to log weekly and monthly gains.
Investors remain on edge over tensions between Russia and Ukraine after Ukraine said on Thursday that Russia had moved troops into the country. However, the impact of the escalating conflict has not been enough to sustain gold price increases.
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Prices rose 0.4 percent this month, having recovered after falling briefly to a two-month low at $1,273.06 last week. Spot prices have traded in a range of less than $50 in August, their narrowest spread in five years.
"(Gold) has not been able to determine what theme to latch onto," Saxo Bank's head of commodities research Ole Hansen said. "Activity remains subdued as a result."