Gold subdued on Monday after piercing the $2,500 ceiling in the previous session, as investors booked profits from the record run and positioned for more cues from the U.S. Federal Reserve and developments in the Middle East.
Spot gold was down 0.2% at $2,501.74 per ounce as of 01:41 p.m. ET (1741 GMT), shy of the record high of $2,509.65 hit on Friday. U.S. gold futures settled 0.1% higher at $2,541.30.
The focus will turn to minutes from the Fed's last policy meeting on Wednesday and Chair Jerome Powell's speech at an economic symposium in Jackson Hole on Friday.
Gold may fall into the $2,479-$2,487 range following its failure to break resistance at $2,507, according to Reuters technical analyst Wang Tao.
But UBS analyst Giovanni Staunovo said gold could rise further in the coming months, likely reaching $2,600/oz by end-year, adding all eyes will be on any indication of an imminent rate cut from Powell.
Source : Reuters
