Gold eased for a second straight session on Monday as the dollar edged higher, but the metal remained underpinned above $1,200 an ounce as caution in financial markets prompted investors to channel money into bullion.

Spot gold had fallen 0.3 percent to $1,223.70 an ounce by 0035 GMT, after declining 0.3 percent on Friday.

The metal jumped to its highest in a year earlier this month on turmoil in the stock markets and concerns over the global economy, but posted small losses last week on profit taking and as equities consolidated.

Bullion was hurt early on Monday by the strength in the dollar, which rose against a basket of major currencies as sterling slid on growing concerns that Britain would quit the European Union.

Gold, however, remains one of the best performing asset of the year with gains of 15 percent as global uncertainties linger.

Source: Reuters