WASHINGTON (dpa-AFX) - Gold prices rose toward $2,400 per ounce on Monday as tensions in the Middle East showed little sign of abating.
Spot gold edged up 0.2 percent to $2,392.86 per ounce while U.S. gold futures were up 0.4 percent at $2,437.85.
Traders also kept a close eye on the latest developments in the Middle East following a rocket strike in the Israeli-occupied Golan Heights.
The rocket strike killed 12 children and teens in what the military called the deadliest attack on civilians since Oct. 7.
Turkish President Recep Tayyip Erdogan escalated tensions with Israel on Sunday, suggesting the possibility of military action against the Jewish state amid ongoing conflict with the Iranian proxy group Hezbollah.
Meanwhile, after a benign June inflation report, markets are wagering the Federal Reserve will lay the groundwork for a September rate cut at its policy meeting on Wednesday.
Elsewhere, a Bank of Japan policy meeting is due on Wednesday, with markets split over a 10-basis point hike. The central bank may also announce its bond purchase tapering plans.
The Bank of England is expected to cut base rates at Thursday's meeting but may warn investors not to expect a string of back-to-back interest rate cuts.
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