Ammon News - Gold rose on Monday as the dollar softened, but gains ‌were capped by a surge in energy prices that fuelled inflation worries and further dimmed expectations for U.S. Federal Reserve interest rate cuts this year.

Spot gold rose 0.8% to $4,528.74 per ounce as of 0627 GMT after falling ​about 1% earlier in the session. U.S. gold futures for April delivery gained 0.7% ​to $4,556.70.

The U.S. dollar eased, making dollar-denominated commodities more affordable for holders of ⁠other currencies.

Brent crude rallied above $115 a barrel after Yemeni Houthis launched attacks ​on Israel over the weekend, widening the ongoing war and adding to inflation woes. The ​contract is up 60% so far in March, a record monthly rise.

Gold has fallen more than 14% ​so far this month, marking its steepest monthly decline since October ​2008, pressured by ⁠the U.S. dollar, which has gained more than 2% since the U.S.-Israeli war on Iran began on February 28. However, bullion is up about 5% so far this quarter.

Spot silver rose 1.5% to $70.61 per ounce. Spot platinum gained 3.4% to $1,925.85 and ​palladium rose 3% to $1,417.75.

Reuters