Despite ongoing worries about a banking crisis and a potential recession, gold prices held steady above crucial levels on Tuesday and stayed inside narrow trading ranges as traders anticipated key inflation figures scheduled release this week for additional clues on the U.S. economy.

Spot gold advanced by 0.1% to $2,022.85 an ounce, while gold futures slipped by 0.2% to $2,029.85 per ounce.

With a stronger-than-expected labor market report suggesting that the Federal Reserve will extend its aggressive stance with the rate hikes this year, the yellow metal experienced a significant amount of profit taking on Friday and fell from near record highs.

Markets have started to reduce their expectations on future rate cuts this year even as they anticipate the bank to likely suspend its cycle of rate hikes. Interest rates likely will continue to be higher for a longer period of time, preventing any gains in gold.

Market attention is currently mostly on U.S. consumer price index inflation data due on Wednesday, which is predicted to indicate that inflation dropped somewhat from March to April.