UNITED STATES – Gold prices rose on Monday as the dollar fell after a rally last week as investors awaited US inflation data later in the week to see signs of a rate hike.

Spot gold rose 0.6 percent to $ 1323.63 an ounce by 0722 GMT. Last week, the yellow metal fell 1.2 percent, posting a weekly loss for the second time in a row.

Gold futures in the US futures contract rose 0.8 percent to $ 1325.60 an ounce.

The dollar index, which tracks the performance of the greenback against a basket of six currencies, fell 0.38 percent to 90.096. Last week, the index rose 1.4 percent as investors fled safer assets as global equity markets tumbled.

US consumer price data will be released on Wednesday and will give a clearer indication of the pace of inflation and expectations of higher interest rates. Concerns about rising inflation led to a fall in global stock markets last week.

Gold prices fell 2.5 percent in the two weeks prior to Monday.

Among other precious metals, silver rose 0.8 percent to $ 16.48 an ounce.

Platinum rose 0.6 percent to $ 970.10 an ounce. It fell to $ 953 an ounce on Friday, the lowest since Jan. 10.

Palladium rose 1.2 percent to $ 985.97 an ounce. At the previous session the metal touched its lowest level since October 25.