Gold prices saw a rise in early Asia on Monday with investors seeing bargains after a series of steep falls. However, the gains were seen limited with the markets highly anticipating the Fed rate liftoff later in the year.
Comex gold futures for August delivery was last higher 1.58% to $1,103.30 a troy ounce.
The greenback was lower Monday with the dollar index sticking to 96.67, lower 0.68.
Last week, gold futures dropped to the lowest level in more than five years on Friday, as mounting hopes that the Federal Reserve will hike interest rates at its September policy meeting weighed.
Recently, the yellow metal has been under heavy selling pressure amid speculation the Fed will lift interest rates for the first time in nine years as soon as September.
Expectations of higher borrowing rates going forward is considered negative for gold, as commodities struggle to compete with yield-bearing assets when rates are on the rise.
Investors will now await the Federal Reserve's latest monetary policy decision and its rate statement due on Wednesday, as well as preliminary data on second quarter growth due on Thursday.
