Gold prices increased by 0.3% to $1,926.29 per ounce during early Asian trade on Monday as the US dollar dropped by 0.2%, rendering bullion more appealing to buyers holding other currencies. However, the likelihood of further interest rate hikes by the Federal Reserve in 2022 to tackle sticky inflation dragged on the metal's appeal. Fed Chair Jerome Powell indicated more rate hikes, but with caution during his testimony last week. San Francisco Fed Bank President Mary Daly had said two more rate hikes this year is "very reasonable".
