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US team will pursue Black Sea ceasefire, Ukraine peace

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Israeli strike on Gaza hospital kills a Hamas leader, 4 others

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Trump hints at some flexibility regarding tariffs

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After gold rush, Asian, Mid-East sellers flood jewellery market

(Updates with mid-session trading)

By Anjana Anil and Anushree Mukherjee

March 24 (Reuters) - Gold was little changed on Monday as traders awaited fresh catalysts after a recent rally pushed prices to record highs, fuelled by geopolitical concerns and hopes of U.S. rate cuts.

Spot gold was flat at $3,025.38 an ounce as of 0715 GMT. U.S. gold futures rose 0.3% to $3,029.70.

Bullion reached a record high of $3,057.21 on Thursday.

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

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

U.S. President Donald Trump's reciprocal tariffs are set to take effect on April 2 and are likely to drive inflation and hinder economic growth. However, Trump hinted on Friday there would be some flexibility regarding tariffs.

"President Trump has left some wiggle room for the reciprocal tariffs to potentially be less severe than feared, which has lowered market anxiety to a degree but ... it has also sapped the gold price of a bit of momentum," Waterer said.

Zero-yield bullion is seen as a hedge against geopolitical and economic uncertainties, as well as inflation.

With gold prices near all-time highs, jewellers across Asia and the Middle East are grappling with displays losing their sparkle as customers race to cash in their old jewellery and coins.

The U.S. Federal Reserve held its benchmark rate steady in the 4.25%-4.50% range last week and policymakers expect two quarter-percentage-point cuts by 2025-end.

Spot silver firmed 0.4% to $33.17 an ounce, platinum added 0.3% to $977.7, and palladium gained 0.4% to $962.00. (Reporting by Anjana Anil and Anushree Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)