March 30 (Reuters) - Gold rose on Monday on dip-buying, but gains ‌were capped by a surge in energy prices that fuelled inflation worries and further dimmed expectations for U.S. Federal Reserve interest rate cuts this year. Spot gold rose 0.8% to $4,526.67 per ounce as of 0755 ​GMT, rebounding from a 1% loss earlier in the session. U.S. gold futures for ​April delivery gained 0.7% to $4,554. "Gold's price action last week (when it snapped a ⁠three-week losing streak) suggested a reaction to oversold behaviour, and a possible reversal of recent ​declines. However, this needs to be confirmed by price action this week. Given the rapid ​flow of headline news, it's easiest to expect volatility," said Nicholas Frappell, global head of institutional markets at ABC Refinery. Brent crude rallied above $115 a barrel after Yemeni Houthis   launched   attacks on Israel over the weekend, widening the ​ongoing war and adding to inflation woes. The contract is up 60% so far in ​March, a record monthly rise. Traders see little chance of a U.S. rate cut this year, as higher ‌energy prices ⁠threaten to feed into broader inflation and limit the scope for monetary easing. That compares with expectations for two rate cuts before the conflict began. FEDWATCH While inflation typically boosts gold's appeal as a hedge, elevated interest rates weigh on the non-yielding metal's demand. Markets now await Federal Reserve ​Chair Jerome Powell's remarks ​at a Harvard ⁠event later in the day, as well as remarks from New York Fed President John Williams. Gold has fallen more than 14% so far ​this month, marking its steepest monthly decline since October 2008, pressured by ​the U.S. ⁠dollar, which has gained more than 2% since the U.S.-Israeli war on Iran began on February 28. However, bullion is up about 5% so far this quarter. "The bigger macro picture behind that ⁠underperformance is ​the huge shift in interest rate expectations... The USD ​has picked up on that," said Frappell. Spot silver rose 1.2% to $70.43 per ounce. Spot platinum gained 2.8% to $1,914.55 and ​palladium rose 3.4% to $1,423.77.