The price of gold has approached $2,450

Gold prices rose in Asian trading on Monday, playing back some of the decline seen during most of July. 

The price increase is due to expectations of a reduction in interest rates from the Federal Reserve System at the upcoming meeting. US inflation data released on Friday showed a slight slowdown, which strengthens the Fed's confidence in the possibility of lowering rates. The weakness of the dollar caused by these data also contributed to the rise in gold prices, making it more attractive to investors using other currencies. 

Spot gold rose 0.4% to $2.395.31 per ounce, while futures for gold with a December maturity rose 0.5% to $2.449.2 per ounce. Traders are almost completely confident of a 25 basis point rate cut in September, which favours gold, as it reduces the opportunity costs of investing in it. 

Other precious metals rose along with gold: platinum futures rose 0.8% to $953.35 per ounce, and silver futures rose 0.8% to $28,242 per ounce. 

Copper also showed gains on Monday after heavy losses over the past month. The growth was triggered by expectations of new signals from China, the main importer of copper.