LONDON: Gold retreated on Monday as the dollar rose versus the euro, but was still around a nine-week high as pressure on Asian stock markets continued to support investors’ flight to safety.

Spot gold was down 0.1 percent at $1,103.06 an ounce by 1301 GMT, while US gold futures gained 0.5 percent to $1,103.60.

“Gold should be a lot higher, you’ve got all the China concerns, the Middle East tensions ... clearly there is a lot of overhead selling, which is capping the price,” Societe Generale analyst Robin Bhar said.

Gold climbed to its highest since early November on Friday, adding more than 4 percent to its value this year.

Gold slid 10 percent last year on fears higher US rates would lower demand for the non-interest-paying asset, while boosting the dollar.