Gold prices edge higher on short covering

Spot gold edged higher on Monday, supported by short covering after a weekly loss on Friday due to the Federal Reserve's cautious stance on rate cuts in the upcoming year. Spot gold was up 0.2% to $2,626.44 per ounce, as of 0313 GMT. "We are entering the holiday mode and gold's mainly been helped by short covering which started on Friday itself and there is some technical support as well," said Ajay Kedia, director at Kedia Commodities, Mumbai.