Gold prices rose by more than 1% on Monday to hit the highest since Aug. 2, driven by safe-haven inflows as traders awaited U.S. inflation data this week that could shed more light on the Federal Reserve's interest rate cut path.
Spot gold rose 1.5% to $2,468.25 per ounce as of 1818 GMT. U.S. gold futures settled 1.2% higher at $2,504.
"What we're seeing today in the gold and silver markets is some price support coming from bullish charts in gold prompting some technical buying," said Jim Wycoff, senior analyst at Kitco Metals.
Israeli forces pressed on with operations near the southern Gaza city of Khan Younis on Monday amid an international push for a deal to halt fighting in Gaza and prevent a slide into a wider regional conflict with Iran and its proxies.
Investors will also be looking out for the U.S. producer prices data on Tuesday and consumer prices numbers on Wednesday for more clarity on inflation.
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.
Elsewhere, spot silver rose 1.8% to $27.94 per ounce, platinum added 2.2% to $942.20 and palladium was about 1.7% higher at $919.36.
Source : Reuters
