2017.02.1308:19:00UTC+00Gold Rally Has Lost Steam, Stocks At Record Highs

Gold futures edged lower Monday morning as U.S. stocks were poised to extend record highs.

Gold rallied early last week but lost some of its safe haven appeal as all three major indices touched new all-time highs.

Traders have overcome concerns about the Trump administration's bold policy proposals and the possibility of trade wars. Trump will be meeting Canadian Prime Minister Justin Trudeau this morning.

Monday is bereft of first-tier U.S. economic data, but markets will be paying close attention this week for a litany of Federal Reserve speeches and a crucual reading on January inflation.

April gold was down 5 dollars at $1229.80 an ounce.