Gold prices gained on Monday on a softer dollar, while investor caution set in ahead of the U.S. Federal Reserve's policy meeting where the central bank is expected to deliver a third rate cut this year and provide hints regarding its 2025 outlook.

Gold edged higher in the early Asian trade. Investors were focusing on the Federal Reserve’s meeting this week, Pepperstone said.

Gold prices held steady on Monday as investors awaited the Federal Reserve's upcoming meeting, where a third interest rate cut this year is anticipated. While a quarter-point reduction is expected, future rate cuts remain uncertain.

Gold prices inched higher on Monday as investors anticipated a potential interest rate cut by the Federal Reserve this week, with focus on the central bank's language on rate cuts for 2025. Spot gold was up 0.