Gold prices edge up -_

Gold prices rose on Monday, as investors assessed diminishing bets of US interest rate cuts ahead of a key inflation report due later in the week, reports Reuters.
Spot gold was up 0.5 per cent to $2,344.88 per ounce as of 1158 GMT, having touched its lowest since May 9 at $2,325.19 on Friday. US gold futures also climbed 0.5 per cent to $2,345.80.
Bullion hit a record high of $2,449.89 last week, but has shed more than $100 since then.
"Gold has suffered from more hawkish perceived comments from Fed officials and better-than-expected US economic data, with market participants shifting again back the timing of the first Fed rate cut," UBS analyst Giovanni Staunovo said.
Federal Reserve officials indicated that it would likely take longer than anticipated for inflation to fall to 2 per cent, the minutes of its latest policy meeting showed last week.
Fed Governor Christopher Waller said on Friday it's possible that a key underlying interest rate that influences the potency of monetary policy may rise in the future after years of declines, but it's too soon to say if that will happen.
While gold is often considered a safeguard against inflation, higher rates increase the opportunity cost of holding the non-yielding asset.
Investors are now waiting for the personal consumption expenditures (PCE) price index, the US central bank's preferred inflation gauge, which is due on Friday.
Traders are currently pricing in a roughly 62 per cent chance that the Fed will cut rates in November, according to the CME FedWatch tool, opens new tab, compared to about a 63 per cent chance on Friday.
"We expect gold prices to stay volatile, and price setbacks to be shallow, targeting gold prices to test new record highs later this year," UBS' Staunovo said.
Spot silver rose 1.7 per cent to $30.86. It hit an 11-year high last week.
"Silver has outperformed gold this year, and this trend is likely to continue," Staunovo said.
Platinum climbed 3.1 per cent to $1,057.05, and palladium rose 2.3 per cent to $986.00.