KEY POINTS
  • Money managers cut net gold, silver long positions
  • Investors look to monetary policy as the Federal Reserve gets set to meet for a two-day meeting starting Tuesday

Gold steadied below $1,250 an ounce on Monday after its biggest weekly drop in more than six months, with moves muted ahead of an expected interest rate hike from the U.S. Federal Reserve this week.

Spot gold was down 0.2 percent at $1,244.77 per ounce. U.S. gold futures for February delivery settled down $1.50, or 0.1 percent, at $1,246.90 per ounce.