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• Gold prices were steady on Monday, capped by headwinds from a firm dollar, while investors looked to the Group of 20 (G20) meeting this week for signs of a thaw in the China-US trade conflict.

Spot gold inched 0.1% higher to $1,223.31/oz by 4.15am GMT. US gold futures were up about 0.1% at $1,223.80/oz.

• “People are moving some of their capital into gold at this point of time, given the uncertainties around the pace of rate hikes by the Fed, the US-China trade war.… People see gold as a hedge against these uncertainties,” said Brian Lan, MD at Singapore dealer GoldSilver Central.

However, a stronger dollar restricted further gains in the price of the metal.

• “Dollar movements will ultimately provide gold's near-term direction,” said Stephen Innes, Asia-Pacific trading head at Oanda in Singapore.

• Gold market participants are now focusing on talks between US President Donald Trump and Chinese President Xi Jinping to be held on the sidelines of a G20 summit in Argentina at the end of this week.

Officials from some G20 countries, anxious to see a swift end to the China-US trade war, are hopeful but not confident that the meeting may yield at least a partial ceasefire.

• “The growing unease regarding the G20 summit and the possibility of a deal has seen gold prices hold up relatively well,” analysts at ANZ said in a note.

• The US Federal Reserve’s Federal open market committee will also release the minutes from its November 7-8 policy meeting later this week. The market will look for any discussion of what conditions might bring about a Fed pause.

• Among other precious metals, silver climbed 0.6% to $14.33/oz.

Platinum edged 0.1% higher to $839.70 and palladium gained 1.1% at $1,131.00/oz. Prices fell about 3% in the previous session, their biggest one-day percentage decline since August 15.