Gold prices moved little in Asian trade on Monday, seeing little relief from recent losses as traders continued to price in higher-for-longer U.S. interest rates before a Federal Reserve meeting later this week.

Spot gold muted at $2,334.66 per ounce, while gold futures traded flat at $2,345.60 per ounce. 

Gold traded in a tight range on Monday, unpressured a bit from the latest dips as traders lingered to project that the interest rate will keep being hiked for extended period ahead Fed’s meeting scheduled this week.

The yellow metal plunged from record peaks touched previously in April as the appetite on safe haven reduced amid less disruptions in the Middle East specially between Iran and Israel. This made gold prone to outflows in the presence of the US Federal Reserve's tight monetary policies.

A rather robust greenback impacted also the yellow metal, particularly after the PCE price index reading came hotter than anticipated, which is marked as Fed’s favourite inflation measure.
Mounting hints of stubborn inflation in the US, caused traders to largely price out prospects of an early rate reduction by the Fed.
This drift attention on next Fed’s meeting this week to get more hints regarding the interest rate trajectory.