Gold prices climb towards 1-month peak on Fed pause bets

Gold prices climbed on Monday towards a one-month peak scaled in the previous session, supported by a slight pullback in the dollar and prospects that the U.S. Federal Reserve would take a pause from interest rate hikes this year.

Spot gold
gained 0.3% to $1,945.40 per ounce by 0334 GMT, after climbing to as high as $1,952.79 on Friday. U.S. gold futures
added 0.2% to $1,971.70.

“Gold is hovering under resistance at the $1,951 level in thin trading conditions given the U.S. holiday,” said KCM Trade Chief Market Analyst Tim Waterer.

Source: CNBC