Gold prices edge up as dollar tapers off

Gold prices rose on Monday mildly as the dollar weakens against most major rivals while markets assess the Federal Reserve's upcoming policies.

Allianz chieft economist Muhammad Al-Aryan said that while concerns about a US debt default have subsided, markets now are looking forward to the Fed's efforts to contain inflation.

Despite risks surrounding high interest rates in the last 15 months, the tech sector was particularly bullish amid the AI industry boom.

It's worth mentioning that Congress recently approved a bill raising the US debt ceiling until January 2025.

However, Fitch Ratings maintained US government debt under negative review amid uncertainty about the gaps in US financing and debt.

On data, the US ISM services PMI slid to 50.3 in May from 51.9 in April, missing estimates of 52.6.

Otherwise, the dollar index stabilized at 104.04 as of 18:41 GMT, with a session-high at 104.4, and a low at 103.9. 

Gold spot prices rose 0.3%, or $6 as of 18:42 GMT to $1,975.6 an ounce.