Gold unchanged despite geopolitical tension

Gold futures on the COMEX division of the New York Mercantile Exchange were unchanged on Monday despite geopolitical tension and U.S. equities weakness.

The most active gold contract for August delivery was flat at 1, 303.3 U.S. dollars per ounce.

Fighting has increased in the east of Ukraine and a cease-fire between Israel and Gaza expired on Sunday, supporting an increase in gold prices as the precious metal is in greater demand again as a safe haven, experts say.

However, the price rises were kept in check as physical demand for gold in China and India, the two most important gold markets, is currently subdued, they say.

Silver for September delivery lost 6.9 cents, or 0.33 percent, to close at 20.567 dollars per ounce. Platinum for October delivery gained 12 dollars, or 0.81 percent, to close at 1,490.6 dollars per ounce.