Gold rose on Monday, buoyed by safe-haven demand due to uncertainty over U.S. policy ahead of President-elect Donald Trump's inauguration and amid concerns over Britain's exit from the European Union.

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Spot gold had risen 0.5 % to $1,203.10 per ounce by 0243 GMT. Spot gold faces strong resistance at $1,205-$1,210 per ounce and it may hover below that or retrace towards support at $1,172, according to Reuters technical analyst Wang Tao.

U.S. gold futures were up 0.6 % at $1,203.60 per ounce. 

Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding the non-yielding asset while boosting the dollar, in which it is priced.