Gold prices edged higher on Monday due to increased geopolitical tensions in the Middle East and expectations of a U.S. interest rate cut in September.

Spot gold rose by 0.3% to $2,391.80 per ounce, driven by anticipation of the Federal Reserve’s policy meeting this week. Analysts suggest that a dovish stance from the Fed and softer jobs data could push gold prices towards $2,450. Despite recent declines, gold remains a favored hedge against geopolitical and economic risks, with demand potentially bolstered by ongoing Middle East tensions and strong consumption in China.Gold prices edged higher on Monday due to increased geopolitical tensions in the Middle East and expectations of a U.S. interest rate cut in September. Spot gold rose by 0.3% to $2,391.80 per ounce, driven by anticipation of the Federal Reserve’s policy meeting this week.

Analysts suggest that a dovish stance from the Fed and softer jobs data could push gold prices towards $2,450.