Gold prices held in a tight range on Monday as market participants continue to focus on the U.S. Federal Reserve's interest rate strategy in their fight against surging inflation.
Spot gold was little changed at $1,983.49 an ounce at 1002 GMT while U.S. gold futures were up 0.3% at $1,995.40.
Gold prices are struggling for direction as investors remain on the sidelines, said FXTM senior analyst Lukman Otunuga. "The prospect of further U.S. rate hikes has limited upside gains while geopolitical risks and recession fears continue to support gold bulls," Otunuga said. Markets put the chances of the U.S. central bank raising rates by 25 basis points at 85.4%, according to theYeap Jun Rong, a market analyst at IG, noted that "resilience in economic conditions over the coming weeks could brew speculations for another rate hike in June or push back against the timeline of rate cuts", which would weigh on gold prices.
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