Gold prices hovered near 2-month highs around $1,840 an ounce on Monday, underpinned by inflation concerns, softer US bond yields and increased safe-haven demand. Persistent price pressures pushed the yellow metal higher as annual inflation rates soared to multi-decade highs across major economies, headlined by the US consumer price index which accelerated to its fastest pace in almost 40 years at 7% in December. Gold also gained as the benchmark 10-year US yield fell below 1.8% on Friday, easing from a 2-year peak of 1.9% hit earlier last week. Additionally, recent market volatility and geopolitical tensions lifted the bullion’s safe-haven appeal. Meanwhile, investors remained cautious ahead of the Federal Reserve meeting this week, as it is expected to tighten monetary policy at a much faster pace than previously thought to tame persistently high inflation.