- Spot gold was down 0.1% at $1,748.86 per ounce by 10:53 am EDT.
- U.S. gold futures were steady at $1,751.70.
Gold prices steadied in choppy trading on Monday, with gains curbed by a stronger dollar and an uptick in U.S. Treasury yields, while investors awaited speeches from Federal Reserve policymakers for more clues on the tapering strategy.
Spot gold was little changed at $1,752.19 per ounce by 01:35 p.m. EDT.
U.S. gold futures settled mostly unchanged at $1,752.
"We're still having some concerns out there that is keeping the safe haven bid alive on dips. But we continue to see the dollar making gains and keeping a little bit of pressure on the commodities complex, most notably gold," said David Meger, director of metals trading at High Ridge Futures.
The dollar was up 0.1% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year U.S. Treasury yields rose to their highest level in three months.
Market focus will now be on speeches by Fed officials this week including Chair Jerome Powell, who will testify before Congress on the central bank's policy response to the pandemic.
"Every time we have any Fed officials speak, we're looking to get some more information. At this point, the expectation is that in next meeting they're (Fed) going to announce some type of taper," Meger said.
Gold is often considered a hedge against higher inflation, but a Fed rate hike would increase the opportunity cost of holding gold, which pays no interest.
Investors were also keeping an eye on developments surrounding debt-laden China Evergrande, after the Chinese property giant missed a bond payment deadline last week.
"With downside momentum seemingly slowing, gold could see some reprieve in the near-term but the broader outlook isn't great," OANDA analyst Craig Erlam said in a note.