Gold prices edged up on Monday, stretching a recover from one-month dips, post failing to hold above a support level, despite this, prices were mainly rangebound due to concerns about longer-term increases in US interest rates.

Spot gold ticked up by 0.3% to $2,019.95 per ounce, while gold futures added 0.4% to $2,031.15 per ounce.

The yellow metal temporarily dropped below the $2,000 per ounce, previously in February, as traders mostly priced out the possibility of an early interest rate decrease by the Federal Reserve in response to stronger-than-expected U.S. inflation figures.

Even while gold broke back above the support level during the last two sessions, it was still mostly trading inside the $2,000–$2,050 an ounce range that had been in place since mid-January. A hawkish forecast for interest rates and persistent U.S. inflation have hindered the yellow metal's progress.

Now, attention is focused on the Fed's end-of-January meeting minutes for additional interest rate indications. During the meeting, the Fed had mostly played down any wagers on early rate cuts.