Gold prices inched lower on Monday, extending losses after the metal hit a six-year peak on Friday, as investors rolled back expectations for a sharp interest rate cut at the end of this month, while tensions in the Middle East limited losses for the bullion.
Spot gold was down 0.2% at $1,422.74 per ounce as of 0137 GMT. The metal hit $1,452.60 in the previous session, its highest since May 2013, before closing 1.5% lower.
U.S. gold futures were down 0.2% at $1,424.10 an ounce.
Expectations of an aggressive interest rate cut rose after New York Federal Reserve President John Williams argued for preemptive stimulus in a speech last week.
Source : Reuters