There were slight changes in gold prices, Monday, as traders cautiously awaited new data on the US economy and the Federal Reserve's preferred inflation index, scheduled for release later this week, before the central bank's decision on interest rates.
The spot price of gold fell by 0.1% to $2,026.39 per ounce, at 03:48 GMT, while US gold futures fell by the same percentage to $2,028.00.
It is worth noting that the yellow metal fell by about 1% last week, which is its largest weekly decline in six weeks.
Last week, Fed officials said that they need more inflation data before making any decision on lowering interest rates, and that the basic scenario involves starting to lower interest rates in the third quarter.
These statements came after improving American consumer sentiment, a strong labor market, and retail sales data that indicated that the economy is still strong.
The odds of the Fed cutting interest rates in March fell to 49% from about 71% two weeks ago, according to the IRPR measure issued by the London Stock Exchange Group.
The DXY dollar index fell 1%, while 10-year US Treasury bond yields fell from their highest levels in five weeks to 4.1111%.
Investors are awaiting the PMI data report scheduled for Wednesday, GDP estimates on Thursday, and personal consumption expenditures on Friday.
In terms of other precious metals, the spot price of silver fell by 0.2% to $22.55 per ounce, while platinum fell by 0.1% to $945.88.
