Gold fell sharply late last week as US Treasury yields rose as market participants awaited a Federal Reserve (Fed) interest rate cut this week.
At 9.15am, gold was at $2,651.47, steady since opening early Monday in Asian trading.
Despite the losses, gold rose nearly 1% last week as mixed US consumer and producer inflation data and the latest Initial Jobless Claims report gave investors confidence in the next rate decision.
Traders are turning their attention to the Fed's monetary policy meeting on December 17 and 18, with a 93% chance of a 25 basis point rate cut.
Following the decision, investors will be watching Fed Chairman Jerome Powell's press conference for clues on the policy path for 2025.
In addition, it also fell last week after US Secretary of State Antony Blinken said he saw encouraging signs in implementing the ceasefire in Gaza.
This week, US economic data will feature S&P Global PMI data, Retail Sales, Industrial Production, FOMC Meeting and Personal Consumer Expenditures (PCE) Price Index data.
