Gold prices held above $2,500 in Asian trading on Tuesday, supported by a weaker US currency and Treasury yields, while traders awaited minutes of the Federal Reserve's latest policy meeting for further indications on interest rate cuts.
Update prices
Spot gold was up 0.1 percent at $2,505.92 an ounce by 0038 GMT. Prices hit an all-time high of $2,509.65 on Friday.
U.S. gold futures rose 0.1 percent to $2,543.90.
The dollar fell to a seven-month low in the previous session, making gold more attractive to overseas buyers. Benchmark 10-year Treasury yields also fell.
The Federal Reserve is expected to cut interest rates by 25 basis points at each of the three remaining meetings in 2024, with a slim majority of economists polled by Reuters dismissing recession fears.
Low interest rates enhance the appeal of non-yielding gold.
The market is now looking ahead to the minutes of the US Federal Reserve's July policy meeting on Wednesday and Fed Chairman Jerome Powell's speech on the US economic outlook on Friday at the Jackson Hole symposium for further clues on the path of interest rates.
On the geopolitical front, US Secretary of State Antony Blinken said on Monday that Washington's latest diplomatic efforts to reach a ceasefire agreement in Gaza may be the best chance, and perhaps the last, and called on all parties involved to reach an agreement.
Among other metals, spot silver fell 0.3 percent to $29.39 an ounce, platinum rose 0.3 percent to $956.41, and palladium fell 0.2 percent to $930.25.
