Gold prices remained close to record levels during Monday's Asian trade as traders positioned ahead of key United States economic data and speeches from Federal Reserve officials.
By 3:40 pm AEST (5:40 am GMT), spot gold rose $13.45, or 0.4%, to US$3,698.17 per ounce, extending Friday’s rebound.
The metal has now logged five straight weeks of gains, with prices hovering just shy of last Wednesday’s lifetime peak of $3,708.
The advance comes despite a strengthening U.S. dollar, which has recovered ground following less dovish-than-expected Federal Reserve guidance and robust U.S. economic data.
Attention now turns to the release of the Fed’s preferred inflation gauge, the core personal consumption expenditure price index, due on Friday, which investors hope will provide clarity on the timing and scale of future rate cuts.
Meanwhile, traders will closely monitor a series of speeches from Fed policymakers this week after the central bank projected two more interest rate reductions by year-end.
Chairman Jerome Powell has maintained a cautious tone on additional easing, leaving markets looking for fresh signals.
