Bullion hit alltime high of 2,431.29 per ounce on Friday
Fed39;s Collins eyes about two rate cuts this year

April 15 Reuters Gold consolidated gains on Monday, hovering near recordhigh levels hit in the previous session, as traders kept a close eye on developments surrounding the Middle East conflict, prompting safehaven buying of assets such as bullion.

Spot gold was up 0.6 at 2,356.69 per ounce, as of 0323 GMT, after hitting an alltime high of 2,431.29 on Friday. U.S. gold futures was steady at 2,373.30.

Gold remains in vogue as a financial asset given the combination of geopolitical risks and the prospects of Fed interest rate easing in the second half of the year. In many respects, gold is taking on the appearance of being as 39;asset for all occasions39; given its ability to rally under varying market dynamics in 2024, said Tim Waterer, chief market analyst, KCM Trade.

Bullion rose above the 2,400 level in the previous session and has gained over 14 so far this year, fuelled by strong central bank buying, safehaven inflows amid continued geopolitical risks.

Despite recent U.S. economic data showing strong labor market and high inflation, Federal Reserve Bank of Boston President Susan Collins is eyeing a couple of interest rate cuts this year.

Lower interest rates reduce the opportunity cost of holding bullion.

The 2500 is looking more like a viable near to mediumterm target while momentum remains on the side of the precious metal gold, which has been the…