Despite copper prices remaining unchanged after a Chinese interest rate drop fell short of forecasts, gold prices modestly increased on Monday, stabilizing following sharp declines over the previous four weeks.

Spot gold advanced by 0.2% to $1,892.68 per ounce, while gold futures edged up by 0.3% to $1,921.95 per ounce.

This week's attention is mostly on the Thursday and Friday Jackson Hole Symposium, when Federal Reserve Chair Jerome Powell is anticipated to provide additional indications regarding the direction of U.S. interest rates.

Following their recent decline below the crucial $1,900 per ounce threshold, gold prices saw some safe haven buying as slowing Chinese GDP further dampened sentiment. When it altered its lending prime rate (LPR) on Monday, the People's Bank of China generally fell short of market projections.

The price of gold has recently taken a significant hit as a result of solid U.S. inflation and labor market data, which caused markets to start pricing in a higher likelihood of interest rate increases. Since the minutes of the Fed's July meeting revealed that most policymakers favored raising rates to combat sticky inflation, Powell is now anticipated to provide additional details on the bank's rate plans.