Gold prices were headed for a seventh straight monthly loss on Monday, pressured by oversized US interest rates, while cautious investors eyed the Federal Reserve's upcoming policy meet for guidance on its future stance.
Spot gold was flat at $1,642.55 per ounce, as of 0331 GMT, but was down 1per cent for the month so far.
US gold futures were flat at $1,645.00.
"Market participants will be seeking clues to reinforce recent speculation of a downshifting in Fed rate hikes after November," said IG market strategist Yeap Jun Rong, adding gold could see renewed traction on "louder concerns on growth risks or greater emphasis on data-dependent stance."
Although upside could still seem limited, given that rates will remain at elevated levels for longer, Yeap said.
Data on Friday showed that US consumer spending rose more than expected in September, while underlying inflation pressures continued to bubble paring expectations of a Fed slowdown.
The dollar index held firm, while the benchmark 10-year Treasury yields was above the 4per cent threshold.
The Fed has raised its benchmark overnight interest rate from near zero in March and is widely expected to deliver a fourth straight 75 basis-point increase at Nov. 1-2 policy meeting.
While gold is traditionally seen as an inflation hedge, US rate hikes increase the opportunity cost of holding zero-yielding bullion.
Indicative of sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.28per cent to 922.59 tonnes on Friday, its lowest level since March 2020.
Spot silver fell 0.5per cent to $19.14 per ounce.
Platinum dropped 0.7per cent to $938.47, but was headed for its biggest monthly gain since February 2021.
Palladium rose 1per cent to $1,919.00, but lost 11per cent in October, its biggest monthly drop in five.