On Monday, gold prices remained inside a narrow range as investors awaited additional significant economic indications from the United States this week, while copper prices were subdued ahead of important economic data from major importer China.

Gold futures skipped by 0.2% to $1,996.55 per ounce, meanwhile spot gold slumped a bit to $1,958.41 per ounce.

The Federal Reserve increased interest rates as anticipated and announced that it will continue to plan for at least one more increases this year after the yellow metal had closed flat the previous week.

The Fed's preferred inflation measure, however, declined further in June, according to statistics released on Friday, which may have necessitated the central bank adopting a less hawkish approach.

The Fed's cycle of rate increases is projected to eventually come to an end this year, which is expected to be good for gold, according to the markets. A significant gap between the spot price of gold and the gold futures prices also demonstrated this.