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Ammon News - Gold prices hovered below the record peak on Tuesday after the U.S. Federal Reserve Chair tempered expectations for more hefty interest rate cuts this year, with investors awaiting a series of labour data this week for further cues.

Spot gold was 0.3% higher at $2,643.12 per ounce, as of 0738 GMT, off a record high of $2,685.42 hit on Thursday. U.S. gold futures rose 0.2% to $2,664.30.

Fed Chair Jerome Powell on Monday suggested the central bank will likely pursue quarter-percentage-point interest rate cuts moving forward and was not "in a hurry" after new data boosted confidence in ongoing economic growth and consumer spending.

"We have a series of Fed speakers ahead, but data-dependence from policymakers will likely be the common takeaway, which may leave sentiments more sensitive to economic data to move the dial around rate expectations," IG market strategist Yeap Jun Rong said.

"Any weaker-than-expected read in the upcoming U.S. labour market data could support views for a more aggressive easing process, which could offer some support for gold prices."

Elsewhere, spot silver was up 0.5% to $31.31 per ounce, platinum gained nearly 1% to $985.65 and palladium shed 0.7% to $992.56.

Reuters