Gold futures ended the session steady on Monday, while spot gold prices slightly gained as escalating tensions between Russia and the West and violence in Gaza lifted the metal’s appeal as a safe-haven. Fierce clashes between Ukrainian troops and pro-Russian rebels continued on Sunday as Europe and the United States prepared economic sanctions on Russia over the conflict. Spot gold was up $1.69 or 0.14% $1,304.15 per ounce at 14:42 p.m. ET. The metal logged its second consecutive weekly drop on Friday on strong U.S. economic data. Gold futures for August delivery ended unchanged at $1,303.30 an ounce. The contracts for August expired today. Investors were awaiting the Federal Reserve`s policy meeting and second-quarter GDP data on Wednesday and non-farm payrolls figures on Friday, which will be used to gauge the strength of the economy and the outlook for the U.S. central bank`s next cycle of interest rates tightening. Speculation that an improving employment sector in the United States could signal an early rate increase by the Federal Reserve has pressured gold over the past several sessions, briefly pushing it under $1,300 to its lowest level in five weeks at $1,287.46 on Thursday. Crude Oil Soft demand in both Europe and Asia, together with abundant supplies in the Atlantic basin, outweighed worries of escalating tensions in Gaza and Ukraine. September Brent fell 82 cents to $107.57 a barrel, while September crude fell 40 cents to $101.69 a barrel. Oil prices on both sides of the Atlantic were down in early afternoon trading as reports emerged that North Sea and West African physical crude markets were oversupplied, with sellers discounting heavily to attract buyers such as refiners. Oversupply in the West African oil market was a bearish sign that the global market was being pressured by weak refining margins and unseasonably low gasoline demand. Even with minimal supply disruptions, global political tensions continued to underpin oil prices against the backdrop of weak fundamentals. In Ukraine, government troops recaptured more territory from pro-Russian levels, advancing towards the site where Malaysian flight MH17 was shot down on July 17. The United States and the European Union will discuss further economic sanctions on Russia this week, but the market did not appear to be worried by the risk of disruption to oil supplies.