Gold prices edged up on Monday, holding above the $2,050 level on safe-haven appeal from elevated tensions in the Middle East and on renewed bets for an early rate cut by the U.S. Federal Reserve.
Spot gold was up 0.2% at $2,053.69 per ounce, as of 0435 GMT, after marking its biggest daily gain since Dec. 12 on Friday.
Overall, traders are betting on 166 basis points (bps) of Fed rate cuts this year, higher than Friday morning's bets of 150 bps.
According to Reuters technical analyst Wang Tao, spot gold may break resistance at $2,060 per ounce and rise into the $2,071-$2,079 range.
Spot silver rose 0.4% to $23.25 per ounce, platinum climbed 0.8% to $913.07, and palladium gained 1.6% to $990.48.
Persons:
Kyle Rodda, Wang Tao
Organizations:
U.S . Federal, Hamas, Traders
Locations:
Singapore, Israel, U.S, Yemen