Gold prices edged higher on Monday, as market players looked ahead to a busy week of economic data, including monthly inflation indicators, for further clues on how fast the Federal Reserve will raise interest rates this year.

Comex gold futures were up around $8.00, or 0.6%, at $1,323.50 a troy ounce by 3:55AM ET (0855GMT).

Gold futures declined on Friday to suffer from their largest weekly loss in two months, as the dollar index and Treasury yields gained, dulling investment demand for the precious metal.

Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.