On Monday, gold prices rose dramatically from recent lows as investors bet that the Federal Reserve will soon relax its aggressive rhetoric in response to a growing financial crisis in the United States.

Spot gold ticked up by 0.6% to $1,878.92 per ounce, while gold futures edged up by 0.9% to $1,883.25 per ounce.

The yield curve inversion after Silicon Valley Bank's failure caused markets to re-evaluate their expectation for U.S. interest rates as U.S. regulators raced to rebuild confidence in the banking sector, and the dollar fell precipitously versus a basket of currencies.

Following initial expectations for a 50 bps boost, Fed Fund futures prices demonstrate that the majority of traders now anticipate a 25 basis point hike by the Fed this month.

Speaking of the industrial metals’ aspect, copper futures climbed by 0.2% to $4.0133. Because of traders' confidence over a less hawkish Fed, copper prices also increased as they mostly ignored negative economic indications in China, a major importer.