(Bloomberg) -- Gold rose for a third day as traders shifted focus to key US inflation reports due this week that may shape expectations ahead of the Federal Reserve's final interest-rate decision of the year.

Most Read from Bloomberg

Bullion traded near $2,670 an ounce after rising 1% on Monday following China's central bank adding the precious metal to its reserves for the first time in seven months. Geopolitical concerns also fanned haven demand on fears of a power vacuum in Syria after Bashar Al-Assad was toppled from power over the weekend.

Data on Wednesday and Thursday will offer Fed officials a final look at the inflation environment ahead of their policy meeting next week. Any sign that progress has stalled in taming price gains could hinder the chances of a reduction, although swap markets are pricing in a 90% chance of a 25-point cut. Higher borrowing costs are typically a negative for bullion, as it doesn't pay interest.

Gold soared to an all-time high above $2,790 an ounce in October, supported by the Fed's pivot to monetary easing, as well as increasing haven demand on heightened tensions in the Middle East and Ukraine. Prices have since eased as the dollar rallied following Donald Trump's US election win, but they remain 29% higher this year.

Spot gold rose 0.3% to $2,668.79 an ounce as of 1:59 p.m. in Singapore. The Bloomberg Dollar Spot Index dipped 0.1%. Silver edged higher, while platinum and palladium declined.