Gold little changed on Monday

Precious-Gold gained slightly as the dollar inched down against majors, which give support to the shiny metal that may fall for the third week.

Spot gold inclined to $1083.55 an ounce, recording a high of $1084.75 and a low of $1076.60.

On Friday, gold shed $5.20 or 0.48% to close at $1080.72 an ounce. Gold Price was setin London on Friday at $1078.50 per ounce during the PM fixing declining from $1082.75 at the AM fixing. SPDR gold trust, the world's largest exchange-traded fund backed by bullion, remained unchanged at 1,111.92 metric tons on January 29.

Meanwhile, gold movements depend on the dollar that strengthened since December, causing the metal to trim its gains recorded last year. The greenback rebounded against majors since December and continued in January and may continue in February as it has double support. First, it advances on optimistic U.S. data which is showing improvement. Second, it benefits from fears in markets along with the yen as refuges.

The dollar index, which tracks the dollar movements against a basket of major currencies, stopped its rally today after five days of gains. The dollar index is currently at 79.40 from the day's opening at 79.45. Dollar-denominated commodities are negatively impacted by the dollar's strike.

For instance, crude oil fell from a high of $83.95 a barrel after the dollar's rebound to below $73 a barrel. S&P GSCI, subtracted 3.90 points to 486.14 and RJ/CRB Commodity edged down 1.99 points to 265.59.

However, trading today is still narrow ahead of the release important manufacturing data in Europe and U.S. Now, there are concerns in markets as data released since January are showing slowdown compared with the remarkable progress seen in the last three months of 2009 which may allow gold to rise again as a safe haven.

The yellow metal is facing resistance at $1086.00 then $1097.00, while gaining support at $1074.00.

With regard to other precious metals, platinum rose to $1509.40 from the opening at $1506.40, whereas palladium retreated to $413.50 from $415.70.