Gold prices edge lower in Asian trade, pulling back from strong gains overnight as hopes for easing Fed tightening offered a boost to the precious metal.

Analysts at Galaxy Futures remain optimistic about the commodity's near-term outlook. They point to rebound opportunities for the metal, given continued strength in the U.S. economy and the rising likelihood of a potential pause in the Fed's tightening cycle, which typically makes the dollar less strong and increases investor appetite for other assets. The analysts also cite favorable technical factors, which suggest limited downside from current levels.

Spot gold is 0.1% lower at $1,975.30/oz.

Source: Marketwatch