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Gold prices were flat Monday, unable to trimp recent losses as U.S. stocks were set for a rough session.

Markets are concerned about the escalation tensions between the U.S. and its trade partners.

U.S. President Donald Trump is not mincing words:

"The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!" Trump said in a tweet.

Gold for August was up 60 cents at $1271/oz.

In economic news, the Chicago Fed national activity index fell to -0.15 in May from +0.42 in April

Nearly 50 percent of EU27 businesses reduced their investment in the UK in the wake of Brexit, and they reported disruption to supply chains, according to a survey by law firm Baker & McKenzie.