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Expect gold prices to edge higher, analyst says

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No guarantees that there will not be recession in U.S.-

Bessent

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Fed's policy meeting on Wednesday awaited

(Adds comment and updates with EMEA mid-session trading)

By Rahul Paswan

March 17 (Reuters) - Safe-haven gold edged higher on

Monday after hitting the $3,000-mark last week for the first

time, while the market's focus shifted to the U.S. Federal

Reserve's meeting this week.

Spot gold added 0.2% to $2,991.13 an ounce, as of

0924 GMT. Prices hit a record high of $3,004.86 on Friday amid

geopolitical uncertainty.

U.S. gold futures eased 0.1% to $2,998.90.

"We expect prices to edge higher on a similar trajectory

with dips bought as FOMO (fear of missing out) trades support

the market," said Ross Norman, an independent analyst.

"In short, we would be surprised not to see the $3,150 level

in the coming months much as we had forecasted - albeit much

quicker than we had anticipated."

U.S. Treasury Secretary Scott Bessent said on Sunday that

there are "no guarantees" there will not be a recession in the

United States, adding to investor worries of an impending

economic downturn due to the U.S. President's trade policies.

"Short term, we acknowledge that the market has drifted into

technical overbought territory, but think the prevailing mood

among investors remains one of caution for U.S. equities and

confidence in gold," UBS said in a note.

U.S. stock markets closed down sharply last week amid

mounting uncertainties arising from tariff threats against the

biggest U.S. trading partners.

Markets now await the Fed's monetary policy meeting on

Wednesday for clues on the interest rate trajectory. The Fed is

widely expected to keep rates on hold after having reduced them

by 100 basis points since September.

Bullion tends to do well in a low interest rate environment

and is also seen as a hedge against geopolitical turmoil,

economic uncertainties, and inflation.

Spot silver shed 0.2% to $33.71 an ounce, platinum

steadied at $993.01, and palladium gained 0.5% to

$969.78.