As markets anticipated a series of Federal Reserve speakers and hearings this week for additional indications on monetary policy, gold prices barely changed on Monday, while copper fell as speculators shrugged off recent gains.

Due to a U.S. market vacation and the impending testimony of Fed officials, particularly Chair Jerome Powell later this week, trading volumes in the metal markets are predicted to be low on Monday. Big bets are also anticipated to be discouraged.

The trend of gold over the past year has been mostly influenced by U.S. monetary policy, and both contracts stayed within a narrow trading range witnessed over the previous month.

Although the Fed stopped raising rates for the first time in more than a year last week, the bank still foresaw at least two more increases this year, which made the prospect of a rebound in gold prices less likely.

More hints on monetary policy are anticipated to come from Fed Chair Powell's hearing before Congress on Wednesday, and a number of other Fed officials are scheduled to speak this week.