BENGALURU- Gold eased on Monday as the dollar ticked up, while investors awaited fresh catalysts after last week’s rally saw bullion notch three consecutive record highs, helped by geopolitical and economic concerns, and hopes of US interest rate cuts.
Spot gold fell 0.2 percent to $3,016.43 an ounce. US gold futures were steady at $3,020.80.
Gold reached a record high of $3,057.21/oz on Thursday.
The dollar index drifted near a three-week high, making greenback-priced gold more expensive for overseas buyers.
“Gold is still well positioned for further upside if markets remain edgy about the possible negative growth effects of tariffs, but this could be partially offset if a Russia-Ukraine ceasefire deal comes closer to fruition,” KCM Trade chief market analyst Tim Waterer said.
A US delegation will pursue a Black Sea ceasefire and broader peace in Ukraine in talks with Russia on Monday, while an Israeli airstrike at a hospital in Gaza on Sunday killed five people, including a Hamas political leader.
