On Monday, gold prices nearly reached a one-month high, breaking through important levels as safe haven demand for gold was fueled by caution ahead of a number of important economic data points.

Spot gold edged up by 0.5% to $2,013.69 per ounce, meanwhile gold futures gained 0.6% to $2,014.35 per ounce.

Signs of worsening global economic circumstances as well as dollar weakness amid mounting predictions that Fed could halt hiking interest rates helped the yellow metal.

Given that the $2,000 mark was regarded as a crucial resistance point, a settlement over it is also anticipated to encourage further advances in gold.

However, additional gold gains—especially those fueled by the need for safe havens—will mostly depend on the economic data that is expected this week. The Fed's favorite inflation indicator, the PCE price data, is due in the United States on Thursday along with a second reading of the GDP for the third quarter.

The demand for gold as a safe haven is predicted to increase in response to any indications of deteriorating global economic conditions. However, the trajectory of the yellow metal is still unknown because the majority of major central banks have indicated that interest rates will stay higher for an extended period of time.