WASHINGTON (dpa-AFX) - Gold prices inched higher on Monday against a broadly weaker dollar and amid a modest pullback in U.S. Treasury yields.
Spot gold edged up 0.2 percent to $1,854.23 per ounce, while U.S. gold futures were up 0.4 percent at $1,856.85.
Risk sentiment improved in financial markets, as China eased lockdown restrictions and U.S. Commerce Secretary Gina Raimondo said on Sunday that President Joe Biden has asked his team to look at the option of lifting some tariffs on China to fight inflation.
On the data front, survey results from S&P Global showed that the China Caixin services Purchasing Managers' Index rose to 41.4 in May from a 26-month low of 36.2 in April, although a score below 50.0 indicates contraction in the sector.
Investors and policymakers await the release of U.S. inflation data this week after EU inflation shocked many with a record high reading last week.
U.S. inflation data, due on Friday, is expected to show a gain of 0.7 percent on a monthly basis in May, up from 0.3 percent in April.
Market participants also await a European Central Bank (ECB) policy meeting on Thursday for confirmation whether the central bank will raise rates at the July 21 policy meeting.
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