Last week, the Federal Reserve raised borrowing costs by 25 basis points, and since then top Fed policymakers have batted for a more aggressive approach to monetary policy tightening this year to fight rising inflation. [GOL/ETF] With bullion-backed ETF's elevated, "gold could well attract more suitors if stagflation risks become more amplified over the near term," said Han Tan, chief market analyst at Exinity. Meanwhile, U.S. President Joe Biden will meet European allies at a special NATO summit on Thursday amid a dispute over whether to impose further energy sanctions on Russia.