Gold hovers near 2-month peak

Gold prices were anchored near a two-month peak on Monday, following last week's tepid US economic data, which solidified bets for the Federal Reserve's first interest rate cut of the year in June, reports Reuters.
Spot gold was steady at $2,082.89 per ounce, as of 1230 GMT. US gold futures fell 0.2 per cent to $2,091.50.
Gold prices traded close to $2,088.19 an ounce, a level seen on Friday when the contract hit its highest level since Dec. 28. Bullion scaled a record peak of $2,135.40 in early December.
"Weaker-than-expected US economic data last week pushed down U.S. real interest rates and this was the driver of the latest gold price rally," said UBS analyst Giovanni Staunovo.
Gold prices surged by approximately $50 over the course of last week, momentum fueled by disappointing US manufacturing and construction spending figures as well as a reduction in price pressures, as indicated by the Federal Reserve's preferred inflation gauge.
Meanwhile, London's gold price benchmark hit an all-time high of $2,083.15 per troy ounce at a morning auction on Monday, surpassing the previous record of $2,078.40 set on Dec. 28, the London Bullion Market Association (LBMA) said.
Spot platinum rose 1 per cent to $895.80 per ounce and palladium gained 0.5 per cent to $960.63. Spot silver fell 0.1 per cent to $23.12.