Gold prices rebound slightly on Monday

Gold prices edged up on Monday following a recent dip to a two-week low, as investors are revaluating their outlook on US interest rate cuts ahead of an important inflation report later this week, Reuters reported.

Spot gold climbed 0.4 per cent, recovering some ground after a recent drop. While, analysts predict a potential short-term bounce before further testing of support levels.

The upcoming US core PCE price index release is a major driver of gold market sentiment, as strong inflation data could dampen hopes of significant interest rate cuts by the Fed.

Spot silver rose 1.6 per cent to $30.83, platinum climbed 1.4 per cent to $1,040.25 and palladium gained 1.4 per cent to $976.72.

Notably, gold demand in India shows slight improvement but remains below usual levels.