2019.07.2214:52:00UTC+00Gold Edges Up Marginally After Moving Sideways

Gold futures moved in a very narrow range around the flat line on Monday, as traders made cautious moves, looking ahead to the upcoming Federal Reserve Monetary policy meeting.

The dollar stayed fairly steady above the unchanged line amid fading optimism about steep interest rate cuts by the Federal Reserve, thus restricting gold's uptick.

Geopolitical tensions and uncertainty about a progress in U.S.-China trade negotiations prompted traders to seek the safe haven asset.

The dollar index advanced to 97.29 before paring some gains and easing to 97.23, still up from previous close of 97.15.

Gold futures for August ended up $0.20, at $1,426.90 an ounce.

Silver futures for September ended up $0.216, at $16.411 an ounce, while Copper futures for September settled at $2.7220 per pound, losing $0.0305 in the session.

Geopolitical tensions have risen after Iran said that it had arrested 17 Iranian citizens on charges of spying for the United States and some of them have already been sentenced to death.

According to reports, an Iranian intelligence official told a press conference in Tehran that those taken into custody allegedly worked on "sensitive sites" in the country's military and nuclear facilities.

The mood was cautious also due to the leadership election in the U.K. and the policy meeting of the European Central Bank.

Next week, the U.S. Federal Reserve is scheduled to meet and announce its policy move.