Gold futures settle under $1,300

Gold futures on the COMEX division of the New York Mercantile Exchange closed under $1,300 an ounce Monday, giving back part of the gains they saw in the previous session.

The most active gold contract for June delivery fell 1.8 dollars, or 0.14 percent, to settle at 1,299.0 dollars per ounce.

Prices for the precious metal ended with a third-consecutive gain last week. Some market analysts blamed technical factors for gold's sell-off Monday, but believed gold market will be underpinned by concerns that tensions in Ukraine could escalate.

The U.S. government on Monday announced a series of additional sanctions on Russia for its actions in Ukraine. It's imposing sanctions on seven Russian government officials and 17 companies linked to the inner circle of Russian President Vladimir Putin. The European Union also agreed to hit 15 more Russian and Ukrainian individuals with sanctions, according to reports.

However, many analysts see the new round of sanctions as less severe than expected. Many traders are anticipating a normal correction range between 1,287.50 dollars an ounce and 1,282.99 dollars an ounce, where buyers are expected to come in to defend gold prices.

Silver for May delivery fell 10.3 cents, or 0.52 percent, to close at 19.588 dollars per ounce.