Gold held steady above $1,620 per ounce on Monday, as investors wait for the central banks on both sides of the Atlantic to give clearer cues on the potential for further monetary stimulus. Last Friday's data showed US economic growth slowed in the second quarter as consumers spent at their slowest pace in a year, increasing pressure on the Federal Reserve to do more to bolster the recovery ahead of its policy meeting later in the week.
Ambiguity on another round of quantitative easing, known as QE3, has held gold in a seesawing pattern over the past two months. More monetary easing would raise inflation outlook and benefit gold, seen as a hedge against rising prices. Spot gold was little changed at $1,621.32 per ounce by 0538 GMT, after posting a 2.5 percent weekly gain on Friday, its biggest one-week rise in nearly two months. It hit $1,629.10 in the previous session, the highest since early June. The US gold futures contract for August delivery inched up 0.2 percent to $1,620.70.
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