LONDON (Reuters) - Gold and oil will extend their gains on Monday, albeit modestly, when markets open for the first time since Western powers launched a missile attack on Syria, but equities are unlikely to suffer big losses unless the West strikes again or Russia retaliates.

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FILE PHOTO: A Syrian firefighter is seen inside the destroyed Scientific Research Centre in Damascus, Syria April 14, 2018. REUTERS/Omar Sanadiki

“The news flow is actually better than what it looked like at one point during last week as the strike was surgical, followed by a pullback. Reports show a lot of care was taken not to hit Russian targets, which is a good sign and the market should take heart from that,” said Salman Ahmed, chief investment strategist at Lombard Odier investment managers in London.

Gold has benefited in recent days as a safe-haven asset amid a U.S.-China trade dispute and the escalating conflict in Syria, which also pushed oil above $70 per barrel due to concerns about a spike in Middle Eastern tensions.

World stocks wobbled last week but still ended with the best weekly gain in over a month, as investors await potentially healthy U.S. company earnings.

Despite heightened geopolitical risks, the impact on so-called safe-haven assets has been short-lived and modest. While the yen rose initially on fears of a Syrian strike, it ended near seven-week lows to the dollar last week.

On Saturday, U.S., French and British missile attacks struck at the heart of Syria’s chemical weapons program in retaliation for a suspected poison gas attack a week ago, although the assault appeared unlikely to halt Syrian President Bashar al-Assad’s progress in the seven-year-old civil war.

For map of Syrian strikes, see tmsnrt.rs/2EKgAMN

The bombing, denounced by Damascus and its

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