However, market participants refrain from placing fresh bets on the Gold price, anticipating a slew of speeches from the US Federal Reserve (Fed) policymakers, which could offer fresh cues on the central bank’s path forward on interest rates.

Gold buyers continue to capitalize on Fed Chair Jerome Powell’s last week's speech, where he affirmed that an interest rate hike is not on the table. Meanwhile, bets of two 25 basis points (bps) interest rate hikes this year keep Gold price on an upward trajectory.

Additionally, China, a top Gold consumer, announced "historic" steps to stabiilze the crisis-hit property sector on Friday, contributing to the upside in Gold price. Topping up to the constructive outlook for Gold price, the recent official data published by the People’s Bank of China (PBOC) showed that the central bank ramped up its Gold reserves for the 18th straight month in Apri.

Furthermore, concerns about the alleged death of Iran’s President Ebrahim Raisi aboard the crashed Iranian helicopter are keeping investors on the edge, fuelling the safe-haven demand for Gold price.

But the rally in Gold price has stalled, as traders turn cautious amid expectations of a profit-taking decline in the bright metal ahead of Fedspeak later on Monday.