Gold eased on Monday as the dollar strengthened, as investors awaited fresh catalysts after last week's rally saw bullion hit three consecutive record highs, helped by geopolitical and economic concerns, and hopes of a U.S. interest rate cut.

Spot gold was down 0.2% at $3,016.43 an ounce, by 0302 GMT. U.S. gold futures were steady at $3,020.80.

Gold hit a record high of $3,057.21/oz on Thursday.

The dollar index is hovering near a three-week high, making dollar-priced bullion more expensive for overseas buyers.

"Gold is still well positioned for further upside if markets remain nervous about the potential negative growth effects of tariffs, but this could be partially offset if a Russia-Ukraine ceasefire deal moves closer to fruition," said KCM Trade chief market analyst Tim Waterer.

A U.S. delegation will seek a Black Sea ceasefire and broader peace in Ukraine in talks with Russia on Monday, while an Israeli airstrike on a Gaza hospital on Sunday killed five people, including a Hamas political leader.

U.S. President Donald Trump announced a wave of tit-for-tat tariffs that will take effect on April 2, likely to stoke inflation and hurt economic growth.

However, Trump signaled on Friday that there would be some flexibility on the tariffs.

"President Trump has given some wiggle room for potentially less severe tit-for-tat tariffs, which has eased market anxiety to some extent but ... it has also dampened the momentum in gold prices a little bit," Waterer said.

Zero-yielding bullion is seen as a hedge against geopolitical turmoil, economic uncertainty and inflation.

The U.S. Federal Reserve kept its benchmark interest rate unchanged at 4.25%-4.50% last week. Policymakers expect two quarter-percentage-point cuts by the end of 2025.

Spot silver rose 0.1% to $33.06 an ounce, platinum rose 0.3% to $977.80 and palladium rose 0.2% to $960.31. (Newsmaker23)

Source: Reuters