Gold hovers near record levels

Safe-haven gold firmed on Monday, trading near an all-time high scaled in the previous session, while the market's focus shifted to the US Federal Reserve's meeting this week, reports Reuters.

Spot gold added 0.5% to $2,997.84 an ounce, as of 1141 GMT. Prices hit a record high of $3,004.86 on Friday amid geopolitical uncertainty.

US gold futures eased 0.2% to $3,006.10.

"We expect prices to edge higher on a similar trajectory with dips bought as FOMO (fear of missing out) trades support the market," said Ross Norman, an independent analyst.

"In short, we would be surprised not to see the $3,150 level in the coming months much as we had forecasted - albeit much quicker than we had anticipated."

US Treasury Secretary Scott Bessent said on Sunday that there are "no guarantees" there will not be a recession in the country, adding to investor worries of an impending economic downturn due to the President's trade policies.

Bullion tends to do well in a low interest rate environment and is also seen as a hedge against geopolitical turmoil, economic uncertainties, and inflation.

Spot silver was flat at $33.79 an ounce, while platinum rose 0.6% to $999.20, and palladium gained 0.9% to $973.50.