Gold rebounds above $2,000 as traders weigh monetary prospects

Gold prices edged up at settlement today, April 25, as investors assessed the economic outlook in the US.

Witan Investment Trust CEO Andrew Bell said markets are witnessing uncertainty due to the prospects for further monetary policy tightening, Reuters reported.

Elsewhere, US Treasury Secretary Janet Yellen warned that failure by Congress to raise the government's debt ceiling and the resulting default would trigger an "economic catastrophe" that would send interest rates higher for years to come.

The US Conference Board survey showed consumer confidence in the US slumped to its lowest level in nine months, with mounting concerns about future prospects.

In terms of trading, gold for June delivery gained 0.2%, or $4.7, to end at $2,004.5 an ounce.

Similarly, the US dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.6% to 101.92 points at 08:43 pm Makkah time.