Gold price traded higher after a significant drop on Friday. Gold price declined on Friday as investors speculate when the Fed will start to hike its interest rate. The Fed kept its monetary policy unchanged last Wednesday, but it did not rule out the interest rate hike in June. The central bank said that the U.S. economy slowed down during the winter months, but the slowdown was driven by "transitory factors".

Investors are also awaiting the release of the labour market data on Friday.

June futures for gold on the COMEX today increased to 1189.70 dollars per ounce.