2024.01.1509:34:00UTC+00Gold Edges Higher In Lackluster Trade

Gold traded near one-week highs on Monday on renewed hopes for early rate cuts by the U.S. Federal Reserve.

Spot gold edged up 0.2 percent to $2,053.76 per ounce, while U.S. gold futures were up 0.3 percent at $2,057.75.

The dollar edged lower after data showed U.S. producer prices unexpectedly fell in December amid declining costs for goods such as diesel fuel and food.

Deepening Middle East tensions also improved the appeal for gold.

A U.S. fighter aircraft skillfully thwarted an anti-ship missile directed at an American Navy vessel in the Southern Red Sea on Sunday.

It's a busy week for markets, with a slew of U.S. and Chinese data and corporate earnings likely to garner investor attention.

After officials last week attempted to temper any expectation of a looming rate cut, investors now look ahead to U.S. reports on retail sales, industrial production, import and export prices, housing starts and consumer sentiment along with a speech by Federal Reserve Governor Christopher Waller this week for further direction.