Poll: What determines the price of gold?

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Gold prices remained under pressure on Monday as the dollar stormed higher ahead of the Federal Reserve meeting this week.

Speculation is swirling that chair Janet Yellen will remove the word "patient" from the FOMC's post-meeting statement on Wednesday, paving the way for a rate hike in June.

In early Asian trade, spot gold slipped 0.2 percent to $1,155.36 an ounce, but marking a slight rebound from a more than three-month low of $1,147.10 attained last Wednesday after speculation of a sooner-than-expected rate hike sapped appetite for the precious metal.

In the coming months, ANZ remains short on the precious metal, expecting prices to hit $1,100 an ounce.

"Safe haven buying has evaporated [and] we haven't seen strength in the physical market. At the moment, there's a little bit of support from weak equity markets, but we see further weakness coming through," Daniel Hynes, senior commodity strategist at ANZ, told CNBC.

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Not a Scientific Survey. Results may not total 100% due to rounding.