Gold fell slightly at the opening of early trading after leveling off around $2,650 at last week's close as the US dollar's recovery weighed on the yellow metal.
However, ongoing geopolitical tensions could provide strength for gold to hold.
At 9.10 am, gold prices were at $2,632.42, down 0.64% since it opened early Monday in Asian trading.
Throughout November, gold fell 3%, its biggest drop since September 2023.
Donald Trump's victory in the US presidential election prompted expectations that the Federal Reserve (Fed) would take a cautious step in setting interest rates as the USD showed its high rate of increase.
In addition, escalating geopolitical tensions could boost gold prices.
According to Reuters, Russian and Syrian military jets are advancing to attack Syrian rebel groups seeking to seize its second largest city.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, said continued global uncertainty will continue to drive demand for gold as a safe haven.
For now, market participants are gearing up for the release of the US ISM Manufacturing Purchasing Managers Index (PMI) on Monday as fresh impetus.
The Manufacturing PMI is forecast to rise to 47.5 for November from 46.5 previously.
On Friday, investors’ attention will turn to the US Non-Farm Payroll (NFP) for November.
