Tuesday's early Asian trading saw a modest decline in gold prices as a number of Federal Reserve officials cautioned that interest rates could possibly rise in the face of relatively high inflation and a healthy labor market.

Spot gold slipped 0.1% to $2,014.82 per ounce; meanwhile gold futures declined by 0.2% to $2,019.35 per ounce.

The previous session saw some increases for the yellow metal, but they were modest as investors prepared for a week of important U.S. economic indicators, beginning with retail sales and industrial output due later in the day.

Later this week, additional Fed representatives will also be on the record, with Chair Jerome Powell scheduled to speak on Friday.

However, the yellow metal's support for $2,000 was still provided by safe-haven demand, which is being supported by worries about a U.S. economic slowdown this year. Through May, gold prices briefly reached record highs as a result of a surge that was primarily driven by safe-haven demand.