Investing.com– Gold prices fell from near record highs in Asian trade on Monday as easing concerns over a bigger conflict in the Middle East dented safe haven demand for the yellow metal.

Traders were largely biased towards the dollar in anticipation of the 2024 presidential election, which is now a week away. Flows into the were also spurred by expectations of increased political uncertainty in Japan, after a coalition led by the ruling Liberal Democratic Party lost its parliamentary majority in a weekend election. 

fell 0.7% to $2,729.65 an ounce, while expiring in December fell 0.5% to $2,741.80 an ounce by 00:11 ET (04:11 GMT). 

M.East fears ease after Israeli strike 

Concerns over a bigger conflict in the Middle East eased after Israel did not attack Iran’s oil and nuclear facilities in a strike over the weekend. 

While Tehran did threaten retaliation for the attack, Iranian leaders also downplayed the impact of the Israeli strike. 

Concerns over Israel’s attack on Iran- over an early-October strike- had been a key point of uncertainty for markets, especially on fears that any damage to Iran’s oil or nuclear infrastructure would mark a dire escalation in the conflict. 

This notion had fueled safe haven demand for gold over the past month, with the yellow metal still remaining in sight of recent peaks. 

Increased uncertainty over the U.S. presidential election is also expected to spur safe haven demand, especially with recent polls showing a tight race between Donald Trump and Kamala Harris. But the dollar appeared to be benefiting more from this uncertainty. 

Other precious metals fell amid strength in the dollar. fell 0.8% to $1,026.90 an ounce, while fell 1% to $33.435 an ounce. 

Copper retreats with more economic cues on tap

Among industrial metals, copper prices fell on Monday with focus turning to a slew of key economic readings due this week.

Benchmark on the London Metal Exchange fell 0.6% to $9,520.50 a ton, while December fell 0.7% to $4.3373 a pound. 

The red metal was nursing steep losses through November as traders were largely underwhelmed by more stimulus measures in top copper importer China.

Data released over the weekend showed China’s fell sharply in September. data from the country for October is due later in the week and is set to provide more cues.

Gross domestic product data from the and is also on tap this week, as is data- the Federal Reserve’s preferred inflation gauge.