Gold plunged on Monday, giving up some of its latest gains as traders appetite for the greenback soared before the release of inflation figures scheduled to release later during the week.

Gold eked out some gains the earlier week as hints of an eased US economy raised projections of a soon-to-be interest rate cut this year.

But the yellow metal is still lower than record peaks touched in April and is projected to trade in a narrow range before the release of inflation figures scheduled to release this week.

Spot gold dipped 0.1% to $2,357.35 per ounce, while gold futures slipped by 0.5% to $2,363.65 per ounce.

Ahead of significant U.S. inflation figures that are anticipated this week, the gold and larger metal markets were tense.

The more eagerly awaited consumer price index data for April is scheduled to release on Wednesday, whereas the producer price index data is scheduled to release on Tuesday.

Any hints of stubborn inflation are likely to quash hopes of US interest rate trim in 2024, buoying the greenback and adding pressure on metal prices.