Gold futures in New York closed higher on Monday, supported by a drop in oil prices after the US and Iran temporarily halted attacks, easing inflation concerns ahead of the Federal Reserve's interest rate meeting this week. COMEX gold for August delivery rose $6.20, or 0.15%, to settle at $4,077.00 per ounce. Meanwhile, WTI crude for September delivery fell $6.70, or 7.5%, to close at $82.61 a barrel, and Brent crude for September delivery dropped $8.42, or 8.7%, to settle at $88.36 a barrel. Investors are watching the Fed meeting on July 28-29, with CME Group's FedWatch Tool indicating a 62% probability that the Fed will hold rates at 3.50% to 3.75% and a 38% chance of a 0.25% hike. For the September meeting, investors see about an 82% probability of a rate increase. Additionally, the market awaits the release of the June PCE index and second-quarter US GDP on Thursday, which will be key data for the interest rate outlook for the rest of the year.