BENGALURU: Gold traded steady on Monday with investors awaiting key central bank policy meetings and the United States-North Korea summit this week for direction.

Spot gold was steady at $1,297.75 per ounce at 0719 GMT, while US gold futures for August delivery were 0.1 per cent lower at $1,301.60 per ounce.

The dollar index , which measures the greenback against a basket of six major currencies, fell 0.2 per cent to 93.381.

"The market opened predictably quiet ahead of the abundance of risk events this week and wholly ignored President Trump going rogue at the G7," Stephen Innes, APAC trading head at OANDA said, adding that with geopolitical risk moderating, it will be the FED and ECB that will guide gold's near-term fate.

US President Donald Trump threw the G7's efforts to show a united front into disarray after taking aim at Canadian Prime Minister Justin Trudeau, adding he might double down on import tariffs by hitting the sensitive auto industry.

The US Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on Tuesday, where it is anticipated to raise US interest rates. The European Central Bank (ECB) and Bank of Japan's policy meetings are also due this week.

Markets[2] are also keeping a close eye on the historic summit between Trump and North Korean leader Kim Jong Un in Singapore on Tuesday.

Gold is trading in a very tight range and people are waiting for the next move, a Hong Kong-based trader said.

"We have the FOMC coming up and the Trump meeting with Kim Jong Un, so the markets are just watching what's going on. If there's a better risk aversion money will fly into gold," said...

Read more from our friends at Gold & Silver