Fed officials' tough remarks put gold prices under pressure

Gold prices edged higher on Monday, although investors are reducing their bets on U.S. interest rate cuts, Gold Ten reported. UBS analyst Giovanni Staunovo said that more hawkish remarks from Federal Reserve officials and better-than-expected U.S. economic data have put pressure on gold prices, and market participants have once again postponed the time for the Federal Reserve's first interest rate cut. Investors are now awaiting Friday's release of the personal consumption expenditures price index, the Fed's favored inflation measure. Staunovo expects gold prices to remain volatile with modest price rebounds, targeting a test of new record highs later this year. He also said silver has outperformed gold this year and that trend is likely to continue.