Gold bounces back after breaking 2400 peak

Gold prices fell slightly in this morning's trading session, fluctuating around $2,405/ounce. World gold prices reversed after gaining more than 335/OZ in the previous session. The Fed is expected to maintain the current interest rate after its policy meeting in the middle of this week. However, the market expects the Fed to start easing policy as early as September as recent data shows inflation is approaching the 2% target. Traders are also awaiting a series of US employment data scheduled for release this week, including the important non-farm payrolls report due on Friday.