Gold is trying to recover after last week's losses due to the strengthening of the US dollar which is capable of continuing pressure.
The highs during Donald Trump's victory continue to put pressure on gold and expectations of higher inflation again next year due to policies that cause the next rate cut to decrease.
At 9.30 am, the price of gold was at $2,594.22 which is a rise of 1.22% since it opened at the beginning of trading on Monday in the Asian session.
Also, market participants are now reducing expectations for a lower rate cut in December after Jerome Powell said the US central bank would not be in a rush for such policy easing and said the economy was in good shape.
Gold currently remains low as asset holdings are dwindling.
Meanwhile, rising geopolitical tensions in the Middle East and ongoing Ukraine-Russia tensions could provide some safe support for gold.
Joe Biden's administration previously authorized Ukraine to use US weapons in an attack on Russia that ran away from the main policy of the United States on the conflict.
