Gold prices remained unchanged in Asian trading on Monday, showing minimal recovery from recent declines as traders continued to factor in expectations of sustained U.S. interest rates ahead of an upcoming Federal Reserve meeting.

- The price of gold dropped from its peak levels earlier in April as demand for safe-haven assets decreased with no significant escalation between Iran and Israel. This lack of geopolitical tension left gold susceptible to capital outflows amid tightening U.S. monetary policy.

- Spot gold stabilized at $2,338.66 per ounce, while gold futures set to expire in June showed little movement at around $2,345.60 per ounce.

- A relatively strong dollar also exerted pressure on gold prices, particularly following a higher-than-anticipated reading on the PCE price index, the Federal Reserve's preferred inflation measure.

- The emergence of persistent U.S. inflation signals led traders to revise expectations for early interest rate cuts by the Federal Reserve. Now, market sentiment suggests that the central bank may not implement rate adjustments until September or possibly the fourth quarter.

- As a result, the market focus shifted to the forthcoming Federal Reserve meeting for further insights into the central bank's monetary policy plans.

- Expectations of prolonged higher interest rates unfavorably impact gold prices, increasing the opportunity cost of holding the precious metal. Despite recent declines, gold prices remain positive for the year, reflecting ongoing concerns that elevated interest rates could dampen global economic growth.

Other precious metals experienced marginal gains following significant losses over the past two weeks. Platinum futures climbed by 0.6% to $930.05 per ounce, while silver futures saw a modest increase of 0.3% to $27.613 per ounce.

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