Key Points
LONDON (Reuters) Gold fell on Monday after hitting a record high as a stronger dollar prompted some investors to book profits, but strong market sentiment and geopolitical tensions kept prices above the key psychological level of $2,600 per ounce...
Spot gold was down 0.2% at $2,616.57 by 0916 GMT, after hitting an all-time high of $2,631.31 earlier in the session...
The rally was a continuation of the fear of missing out momentum that followed last weeks bumper U.S. rate cut by the Federal Reserve, said Ole Hansen, head of commodity strategy at Saxo Bank...
The key factors going forward will be the pace of Fed rate cuts specifically, whether another 50 basis point cut will occur this year, and the overall trajectory of this easing cycle, said ANZ commodity strategist Soni Kumari...
Elsewhere, Israeli Defence Minister Yoav Gallant said the public must be calm after the military launched its most widespread wave of air strikes against Iran-backed Hezbollah, targeting Lebanons south, eastern Bekaa valley and northern region near Syria...
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