Gold prices fell slightly on Monday, sticking to a tight trading range seen over the past three weeks as markets turned cautious ahead of upcoming U.S. consumer inflation data and a Federal Reserve meeting.

The yellow metal saw some support last week as some soft labor data pushed up expectations that the Fed will skip a rate hike at the conclusion of a two day meeting on Wednesday.

Inflation data, due on Tuesday, is also expected to factor into the Fed's decision, given that the central bank's main goal in this rate hike cycle has been to bring down inflation. While inflation is well below the near 40-year highs seen through 2022, it is still above the Fed's 2% annual target.

Spot gold fell slightly to $1,958.94 an ounce, while gold futures fell 0.2% to $1,973.30 an ounce by 20:44 ET (00:44 GMT).

Other precious metals also retreated on Monday, with platinum futures down 0.1%, while silver lost 0.4%.

Source : Investing