Gold was seen trying to ease its current price position after surging to near all-time highs at the close of trading on Friday last week before plunging sharply.
The fall in prices was triggered by a mixed component of employment data in the United States that reflected concerns about the current economy.
At 9.30 am, the price of gold was at $2,497.34, which is still unchanged since it opened at the beginning of trading on Monday.
The latest figures will raise market expectations for more aggressive policy easing by the Fed and push the USD to a two-week high. Indirectly, this will give a significant upheaval in the price of gold.
For now, the sentiment of gold movement remains influenced by bets for a rate cut by the Federal Reserve (Fed) and the latest US economic data.
Fresh concerns about a slowdown in the world's largest economy are weighing on investors' appetite for riskier assets.
New York Fed President John Williams said that an imminent rate cut would help keep the labor market balanced.
It along with the rising geopolitical tension is another factor supporting the demand for gold.
US Secretary of State Antony Blinken said 90% of the Gaza ceasefire agreement was agreed although critical issues remained the main gap.
