Doha: Gold prices edged up on Monday as the dollar softened, but gains were capped by a surge in energy prices that fueled inflation worries and further dimmed expectations for US Federal Reserve interest rate cuts this year.

According to Qatar News Agency, spot gold rose by 0.3% to $4,505.86 per ounce, while US gold futures for April delivery also gained 0.3%, reaching $4,535.80. The easing of the US dollar made dollar-denominated commodities more affordable for holders of other currencies, contributing to the rise in gold prices.

Despite the uptick, gold has fallen more than 14% so far this month. This marks its steepest monthly decline since October 2008, pressured by the strengthening US dollar, which has gained more than 2% since the US-Israeli war on Iran began on February 28.

In the broader precious metals market, spot silver rose 0.8% to $68.67 per ounce. Spot platinum gained 2.5% to $1,909.45, while palladium saw an increase of 3.2%, reaching $1,420.63.