Gold held a decline as comments from Federal Reserve officials over the weekend reinforced the view the US central bank will take a more cautious approach to cutting interest rates this year.
Bullion traded near $2,640 an ounce after San Francisco Fed President Mary Daly and Fed Governor Adriana Kugler emphasized the need to finish off the fight against inflation and reach the authority’s 2% target. Lower rates tend to benefit gold, as it doesn’t pay interest.