New york: Gold prices edged up today 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. Spot gold rose 0.3% to $4,505.86 per ounce, while US gold futures for April delivery gained 0.3% to $4,535.80.

According to Oman News Agency, the US dollar eased, making dollar-denominated commodities more affordable for holders of other currencies. Gold has fallen more than 14% so far this month, marking its steepest monthly decline since October 2008, pressured by the US dollar, which has gained more than 2% since the US-Israeli war on Iran began on 28 February. Spot silver rose 0.8% to $68.67 per ounce. Spot platinum gained 2.5% to $1,909.45 and palladium rose 3.2% to $1,420.63.