Gold prices drifted higher on Monday from a two-week low hit in the previous session as traders gauged fading hopes of US interest rate cuts ahead of a key inflation report due later this week. Spot gold was up 0.4% at $2,342.73 per ounce, as of 0543 GMT, having touched its lowest since May 9 at $2,325.19 on Friday. US gold futures also climbed 0.4% to $2,343.60, Reuters reported. Bullion hit a record high of $2,449.89 earlier last week, but has shed more than $100 since then.