• Bullion hit a record high of $2,509.65 on Friday
• Gold to reach $2,600/oz by the end of 2024 - UBS analyst
• Minutes of Fed's July FOMC meeting due Wednesday

Aug 19 (Reuters) - Gold edged down on Monday after powering to an all-time high above the important $2,500 per ounce level in the last session on strong safe-haven demand and expectations of an imminent U.S. rate cut as investors seek more cues on the quantum of cuts.

Spot gold was down 0.5% at $2,494.59 per ounce as of 1209 GMT, about $15 shy of the record high of $2,509.65 hit on Friday. U.S. gold futures edged 0.2% lower to $2,532.70.

"Despite gold having hit a new record high, we expect prices to move even higher over the coming months, with prices expected to reach $2,600/oz by the end of the year," UBS analyst Giovanni Staunovo said.

"All eyes will be on the speech of Powell at Jackson Hole on Friday and any indication of an imminent rate cut," Staunovo said adding that he expects Powell to open the door for a rate cut, although more for a 25 bps cut than a 50 bps cut.

The market will also scan minutes of the Fed's July policy meeting on Wednesday.

Last week, strong U.S. retail sales print and lower-than-expected unemployment claims, along with mild inflation data, restored confidence in the world's largest economy.

Bullion has surged over 20% this year, fueled by expectations of U.S. interest rate cuts this year, coupled with rising geopolitical tensions and strong central bank buying.

Demand for gold remains potent as geopolitical tensions, particularly in the Israel-Iran-Hamas conflict, is driving safe-haven demand, Achilleas Georgolopoulos, investment analyst at forex broker XM, wrote in a note.

Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.

Elsewhere, spot silver fell 0.1% to $28.99 per ounce.

HSBC raised its 2024 and 2025 average silver price forecasts to $27.40/oz and $28.50/oz respectively.

"Moderate deficits help explain our outlook for reasonably firm prices this year and in 2025," it said in a note.

Platinum eased 0.4% to $950.40 and palladium shed 1.6% to $935.75.

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https://www.reuters.com/markets/commodities/gold-trades-near-historic-2500-mark-fed-rate-cut-optimism-2024-08-19/