Spot gold may fall into 2,1472,152oz range technicals
Traders price in 74 chance of Fed rate cut in June
Gold surged to alltime high last week

March 25 Reuters Gold prices edged higher on Monday as renewed bets that the U.S. Federal Reserve would begin cutting interest rates in June and a softer dollar lifted bullion39;s appeal.

Spot gold was up 0.1 at 2,166.39 per ounce, as of 0648 GMT. U.S. gold futures climbed 0.4 to 2,167.70 per ounce.

The dollar was down 0.1 against its rivals, making gold less expensive for other currency holders.

The environment is still looking quite healthy for the precious metal markets, said Tim Waterer, chief market analyst at KCM Trade.

Markets are still looking forward to impending rate cuts from the Fed. Looks like June is being the most probable time when they are sort of expected to pull the trigger on that first rate cut.

Gold prices rose to an alltime high on Thursday after Fed policymakers indicated they still expected to reduce interest rates by threequarters of a percentage point by the end of 2024 despite recent high inflation readings.

Lower interest rates reduce the opportunity cost of holding bullion.

Traders are now pricing in a 74 probability that the Fed will begin cutting rates in June, according to the CME Group39;s FedWatch Tool.

Investors are now awaiting U.S. core personal consumption expenditure PCE price index data due on Friday to see if that could alter the Fed39;s projections of three rate cuts for…