London — Gold steadied on Monday, surrendering gains made in earlier trade as a result of this weekend’s air strikes on Syria, as financial markets wagered the latest US-led intervention would not escalate into a wider conflict. A retreat in the dollar kept the metal firmly underpinned, however. Prices have trended sideways since January, buoyed by geopolitical concern but capped by the expectation of further US interest rate increases and strong technical resistance at $1,360/oz-$1,365/oz, their January, February and April highs. Spot gold was at $1,344.34 an ounce at 9.30am GMT, little changed from late on Friday but off an earlier peak of $1,348.69. US gold futures were 0.1% lower at $1,346.80 an ounce. Forces from the US, UK and France pounded Syria with air strikes early on Saturday, hitting three of Syria’s main chemical weapons facilities. However, investors shed safe-haven assets and oil prices plummeted on Monday on expectations the attacks would not mark the start of great...
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