Gold hit a two-week high on signs of a cooling U.S. labor market, strengthening a case for a September interest rate cut by the Federal Reserve, while investors positioned for U.S. non-farm payrolls data. Intraday support lies near 72500 with
Gold remains stuck in a range with investors positioning for a flurry of U.S. economic data to gauge the Federal Reserve's rate path, while global central banks' buying offers underlying support.
The precious metal is trading sideways after Friday's Personal Consumption Expenditures data showed U.S. inflation had stabilized, slightly boosting hopes for an earlier cut in interest rates by the Federal Reserve.
Gold prices remain subdued as investors look forward to the key U.S inflation figures that will shape the Federal Reserve's thinking on interest rates when it meets mid-June.
Gold prices have eased after the recent gains as investors strapped in for minutes from the Federal Reserve's most recent policy meeting for further insights on the timeline for interest rate cuts.