Ahead of important inflation statistics anticipated this week, traders watched gold prices drop to nearly one-month lows on Monday. Meanwhile, copper prices suffered sharp declines due to mounting scepticism regarding a Chinese economic rebound.

Spot gold dipped 0.2% $1,862.42 per ounce, while gold futures slipped 0.1% to $1,872.85 per ounce.

Platinum futures slumped 0.3% to $948.40 per ounce, while silver futures plunged 0.8% to $21.095 per ounce.

Over the past two weeks, a new year's gain in gold prices has slowed as markets re-evaluate their expectations for U.S. monetary policy. Even though inflation has slowed recently, the Fed recently suggested that they intend continue rising interest rates.

It is anticipated that Tuesday's consumer price index (CPI) inflation reading will provide greater insight into the interest rate trajectory, inflation is still forecast to be running at rather high levels