LONDON: Gold prices slipped on Monday as the dollar rose and equities climbed, but political and economic uncertainties in the United States and Europe are expected to provide support for now.

The spot price was down one per cent at $1,221.9 an ounce by 1453 GMT from last week`s three-month high of $1,244.67.

US gold futures were down one per cent at $1,223.4.

The dollar hit a two-week high against the yen as investors focused again on the US reflation trade which dominated in the aftermath of Donald Trump`s election as US President in November, but has stalled this year.

A higher US currency makes dollar-denominated commodities more expensive for holders of other currencies, potentially subduing demand.

Silver eased 0.8pc to $17.8 per ounce, after earlier touching $18.04 an ounce, it s highest level since Nov 11. Platinum lost 1.6pc to $994.5 per ounce. Palladium was down 1.3pc at $774.0 per ounce, after earlier reaching a two-week high of $786.90.

-Reuters