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Gold prices fell more than 1 percent on Monday from the previous session's 13-month high as relief that North Korea did not conduct a missile test over the weekend helped to lift global stocks, the U.S. dollar and bond yields.
Demand for safer assets, including gold, also weakened after Hurricane Irma wreaked less damage in Florida than had been feared.
Spot gold was down 1.2 percent at $1,330.24 an ounce drop since July 3. On Friday it touched $1,357.54, the highest since August last year.
U.S. gold futures for December delivery settled down 1.2 percent at $1,335.70.
Gold had rallied 1.6 percent last week on fears of a North Korean missile launch and the impact of Irma on the U.S. economy, helping to drive the dollar to its weakest since January 2015 and U.S. bond yields to 10-month lows.
"Both of these events failed to materialise in a major way," said Saxo Bank analyst Ole Hansen.
"The short term stage has been set for some consolidation (in gold prices). Much depends on where the dollar and bonds decide to go."
Uncertainty over North Korea is likely to keep demand for gold high, preventing significant price falls, Commerzbank analysts said in a note.
North Korea on Monday warned the United States that it would pay a "due price" for efforts to impose fresh sanctions on Pyongyang.
Technical support for gold was $1,325-$1,330, said MKS PAMP trader Sam Laughlin.
Speculative investment in gold, meanwhile, increased as hedge funds and money managers raised their net long position in COMEX gold for the eighth week in a row to the highest in nearly
"The net long is getting close to elevated levels," said Hansen. "The long to short ratio is above 20. We haven't seen that for nearly five years."
Large speculative positioning raises the likelihood of big price swings if investors rush to exit positions when prices change direction.
Palladium gained 0.26 percent to $936.90. Analysts at Commerzbank said the metal used by the auto industry in emissions-controlling catalytic converters was benefiting from strong Chinese car sales data but that sales there are likely to weaken.