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Gold prices rose on Wednesday as escalating tensions in the Middle East drove investors towards the safe-haven metal, while reports of progress in Sino-US trade negotiations, and a stronger dollar limited the metal's gain.
Spot gold was up 0.3% at $1,421.16 per ounce as of 0717 GMT, after hitting its lowest since July 17 at $1,413.80 in the previous session.
US gold futures were steady at $1,421.50 an ounce.
"We have geopolitical tensions in Iran, and also we remain very cautious and sceptical about the (US-China) trade negotiations expected to begin next Monday, because plenty of things remain unsolved between the two nations," said Margaret Yang Yan, a market analyst at CMC Markets.
"On the other side, the dollar index is rallying which is having a negative impact on gold prices."
Uncertainty in the Middle East continued as a US Navy ship took defensive action against a second Iranian drone in the Strait of Hormuz last week, but did not see the drone go into the water, the US military said on Tuesday.
Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.25% from Monday to 823.13 tonnes on Tuesday.
Spot gold looks neutral in a narrow range of $1,412-$1,427 per ounce, and an escape from the range could suggest a direction, said Reuters technical analyst Wang Tao.

Copyright Reuters, 2019

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