On Monday, global gold prices declined as investors awaited more US economic data.

Last week's reports indicated stabilizing inflation, which increased expectations that the US Federal Reserve might cut interest rates later this year.

Spot gold prices fell by 0.5 percent to USD 2,321.11 per ounce, following a rise of over 1 percent on Friday. Similarly, US gold futures decreased by 0.6 percent to USD 2,335.30 per ounce.

Key economic data expected this week includes US retail sales on Tuesday, weekly unemployment claims on Thursday, and preliminary purchasing managers' indices on Friday.

Additionally, several speeches from Federal Reserve officials are scheduled throughout the week.

Data released last week showed weakening price pressures in the US, suggesting a potential slowdown in the labor market and raising hopes for a September interest rate cut.

According to the CME FedWatch tool, investors now see a 68 percent chance of a rate cut in September, up from 63 percent before last Thursday's producer price data release.

A reduction in interest rates lowers the opportunity cost of holding gold, which does not yield returns.

Among other precious metals, silver dropped by 1.4 percent to USD 29.13 per ounce, platinum decreased by 0.5 percent to USD 953.30, and palladium fell by 0.1 percent to USD 889.21.