Gold traded above $2,700 per ounce on Monday, erasing early-trading losses, as investors geared up for President-elect Donald Trump&rsquo s inauguration later today. His proposed trade tariffs are expected to fuel inflation and potentially trigger trade wars, which could boost gold&rsquo s appeal as a hedge against inflation. Last week, a benign reading on U.S. core inflation, along with softer-than-expected producer price inflation and retail sales data, revived expectations of further rate cuts by the Federal Reserve this year. Lower rates reduce the opportunity cost of holding non-interest-bearing gold, making it more attractive. However, easing tensions in the Middle East dampened demand for safe-haven assets, after Israel released the first batch of 90 Palestinian prisoners on Sunday in exchange for three hostages freed from Gaza, which marked the start of a ceasefire after 15 months of war.