Gold prices remained unchanged on Monday as traders exercised caution ahead of U.S. inflation statistics anticipated later this week in order to assess the effects of interest rate hikes and determine whether further policy tightening was imminent.

Spot gold steadied at $1,923.49 per ounce meanwhile U.S. gold futures dipped 0.2% to $1,929.00 per ounce.

The U.S. economy created the fewest jobs in 2-1/2 years in June, according to last week's employment report, but consistently high pay growth indicated that labor market conditions remained tight.

As investors reduced their expectations of the Fed's rate-hiking cycle coming to an end, gold prices have fallen more than 7% since reaching nearly record highs in early May.

The appeal of bullion, which pays no interest, is diminished by increased interest rates, which also make it less appealing to foreign investors. As a result, gold prices are quite susceptible to these changes.