Gold edged up from the previous session's three-week low on Monday, as European equities were hurt by soft Chinese trade data and worries about Greece. Spot gold gained 0.7 percent to $1,241.43 an ounce by 2:46 pm EST (1946 GMT). The metal on Friday posted its biggest one-day loss since December 2013, hitting $1,228.25, as the dollar rallied after strong US payrolls data.
US gold futures for April delivery settled up 0.6 percent at $1,241.50 per ounce. "For the three months up to the FOMC meeting gold has behaved as a safe haven because of Greece, but now the focus has shifted back to the US and the timing of the US interest rates hike," Citi analyst David Wilson said, referring to last month's interest-rate policy meeting of the Federal Open Market Committee. "It's pretty much a technical day today. For now we're respecting that 50-day moving average," said Eli Tesfaye, senior market strategist for RJO Futures in Chicago. Spot gold remained above the 50-day moving average seen as support around $1,229. Spot silver was up 2 percent at $17.02 an ounce. Palladium was down 0.7 percent at $776.50 an ounce, while platinum fell 0.4 percent to $1,214.95 an ounce.
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