Gold barely changed on Monday, as traders looked for additional clues from incoming U.S. inflation figures, the yellow metal stuck within a trading range set over the previous week.

Spot gold dropped 0.1% to $2,023.48 per ounce, while gold futures dipped 0.1% to $2,037.20 per ounce

In February, gold returned to trading at $2,000 to $2,050 as projections of soon interest rate cut by Fed faded. Markets started gradually pricing in the possibility of a rate drop in both March and May.

Since there have been few direct clues for gold over the previous week, traders are now focusing on the coming CPI figures as the next significant signal.

Little movement in gold is anticipated ahead of Tuesday's U.S. CPI report. Price pressures are predicted to stay significantly over the Fed's 2% annual objective, even if the reading is anticipated to indicate that inflation slowed further in January. This will provide the central bank with additional motivation to maintain higher interest rates for longer.