On the Comex division of the New York Mercantile Exchange, gold futures for October delivery were up 0.03% and trading at USD1,621.45 a troy ounce, up from a session low of USD1,618.95 and down from a high of USD1,621.45 a troy ounce early during the session.
Gold futures were likely to test support at USD1,615.85 a troy ounce, the low from Aug. 19, and resistance at USD1,622.65, the high from Aug. 20.
The German publication Der Spiegel reported over the weekend that the European Central Bank may decide to cap yields in eurozone sovereign debt markets at its September policy meeting, which would have been bullish for gold in that such a move could have weakened the yellow metal's traditional hedge, the dollar, by fueling demand for the euro.
The European Central Bank would carry out such a policy via buying sovereign bonds in the open market, though bank officials rejected the news report, describing it as misleading.
European Central Bank officials have said they would consider intervening in bond markets but only if governments meet certain fiscal reforms.
Meanwhile, the Bundesbank, the German central bank, said it remains critical of having the ECB purchase sovereign bonds.
Investors remained largely on the sidelines ahead of Wednesday's release of the minutes from the Federal Reserve’s August policy meeting
A string of solid economic indicators in the U.S. has lowered expectations for the U.S. central bank to roll out a new round of stimulus measures, which would send gold rising.
Consumer sentiment figures have surprised on the upside as have retail sales numbers, industrial production figures and other indicators.
Gold will strengthen should the minutes reveal more calls for monetary stimulus.
Elsewhere on the Comex, silver for September delivery was up 0.20% and trading at USD28.650 a troy ounce, while copper for September delivery was up 0.02% and trading at USD3.372 a pound.
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