With a number of important economic reports due out this week, gold prices barely changed on Monday as markets processed the Federal Reserve's strident but repeating remarks.

Spot gold muted at $1,915.11 per ounce, meanwhile gold futures edged up by 0.1% to $1,942.50 per ounce

Fed Chair Jerome Powell had issued a warning on Friday, stating that additional rate increases may be necessary to combat persistent inflation, which would be bad news for the price of gold.

However, losses in the yellow metal were fairly contained given that prices had already fallen to the lowest level in five months previously in August.

From recent lows, gold has steadily risen, but further gains in the yellow metal are still uncertain due to a hawkish forecast for U.S. interest rates. The dollar's strength, which was trading near three-month highs, had a negative impact on metal markets.

The biggest economy in the world is expected to provide a plethora of economic figures this week, including PCE inflation, second-quarter GDP data, and nonfarm payrolls.