S Backed by a dollar and lower Treasury yields after Dovish remarks by US Federal Reserve Chairman Jerome Powell raised expectations of a rate cut in September, the gold price held steady on Monday.

After earning more than 1% in the previous session. US gold futures were stable at $2,546.40, spot gold was stable at $2,511.04 per ounce at 03:11 GMT. Tim Waterer, Chief Market Analyst, KCM Trade said, “Gold will remain in fashion with investors as long as the dollar stays behind before the expected rate cuts. If American yields remain suppressed, gold could consider a run to $2550 this week if the resistance around $2530 can be broken first.” According to him, “gold has mostly been in consolidation mode as traders question the extent of the rate reduction we could see in September.”

Spot silver fell 0.4% to $29.70 per ounce, platinum fell 0.5% to $957.88, and palladium lost 0.8% to $957.88, and palladium lost 0.8% to $954.92.