Gold prices fell on Monday as investors booked profits after the asset rose above a one-year peak of over $2,000 earlier in the day, amid banking fears and increasing bets of a rate pause by the Federal Reserve.
Spot gold was down 0.6% at $1,975.33 per ounce, as of 1035 GMT. U.S. gold futures jumped 0.8% to $1,988.90.
"Gold continues to see safe-haven demand due to the banking crisis and tensions in the market. Also, the increased expectation for the Fed to be less aggressive with rate hikes is helping prices," said Carlo Alberto De Casa, external analyst at Kinesis Money. Amid an ongoing banking crisis, investors will keenly watch a Fed policy decision due on Wednesday. Traders are now pricing in a 59% chance of the Fed holding rates in the current range.
Prices have rallied more than $100 after the collapse of U.S.-based Silicon Valley Bank earlier this month, which ensnared 167-year-old lender Credit Suisse.
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