Gold rises but set for worst monthly drop since October 2008

June gold futures climbed 0.8%, or $36.10, to $4,560.40 an ounce

Gold futures rose in Monday trading, but gains were capped by higher energy prices, which fueled inflation concerns and dampened expectations for Federal Reserve rate cuts this year.

June gold futures climbed 0.8%, or $36.1, to $4,560.4 an ounce, but were on track to post a monthly loss of about 15%, marking their worst monthly performance since October 2008.

Spot gold rose 0.75% to $4,527.07 an ounce, while spot silver gained about 1.25% to $70.63 an ounce.

The dollar index, which tracks the US currency against a basket of six major peers, was little changed at 100.09 as of 09:23 a.m. Makkah time.

May silver futures rose 1.25% to $70.67 an ounce, while spot platinum jumped 3.5% to $1,933 and palladium gained 3% to $1,425.29.

The moves followed data released on Friday showing US inflation expectations for the year ahead rose to 3.8% in March from 3.4% in February, marking the largest monthly increase since April 2025.