WASHINGTON (dpa-AFX) - Gold prices traded slightly higher on Monday, with a weaker dollar and expectations of upcoming interest-rate cuts by the U.S. Federal Reserve offering some support.
Spot gold edged up 0.1 percent to $2,404.85 per ounce while U.S. gold futures were up 0.2 percent at $2,404.50.
The dollar slid while Treasuries rose as investors weighed the implications of U.S. President Joe Biden's exit from the presidential election race.
Amid growing calls within his Democratic Party for his stepping down, Biden endorsed his Vice-President Kamala Harris for the Democratic nomination.
Elsewhere, China lowered its short-term policy rate as well as benchmark lending rates, in order to prop up growth.
The People's Bank of China cut the interest rate on seven-day reverse repos to 1.7 percent from 1.8 percent.
As odds of a Fed rate cut in September rise, investors await cues from key U.S. core PCE and PMI data due this week for further direction. Also, the advanced Q2 growth forecast is slated to be announced on Thursday.
U.S. Chicago Fed National Activity Index for June is due to be released later in the New York session.
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