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Gold prices edged lower on Monday in Asia as investors took some profit after the metal rose for four consecutive sessions last week, though the prices were supported by a muted dollar on Federal Reserve's concerns over the global economy.
Spot gold was down 0.1 percent at $1,219.98 per ounce, as of 0745 GMT, having gained about 0.7 percent in the previous session.
US gold futures were down 0.3 percent at $1,219.6 per ounce.
"After four days of upside, gold is at a normal profit booking level ... 1,225-1,230 is a resistance zone for gold," said Vandana Bharti, assistant vice-president of commodity research, SMC Comtrade Ltd. Prospects of higher US interest rates are negative for dollar-priced gold as they raise the opportunity cost of holding the bullion. Investors were also cautious on conflicting signals on the chance of a truce in the Sino-US trade dispute.
Spot gold may end its current bounce below a resistance at $1,231 per ounce, and resume its downtrend from $1,243.28, said Reuters technical analyst Wang Tao.
Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.19 percent to 759.68 tonnes on Friday.

Copyright Reuters, 2018

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