On Monday, spot gold slightly weakened, and the market's focus was on more macro data from the United States this week, including key non farm payroll reports.

The latest US personal consumption expenditure (PCE) inflation data still supports market expectations that the Federal Reserve may cut interest rates later in 2024.

Last Friday's data showed that the core PCE inflation rate in the United States remained at 2.8% in April, the lowest level since March 2021.

On a monthly basis, core PCE prices increased by 0.2% in April and 0.3% in March.

According to data from the CME FedWatch tool, the market now expects a probability of approximately 54% for the Federal Reserve to cut interest rates in September, compared to 49% before the release of PCE data.

Kyle Rodda, a financial market analyst at Capital.com, said in an interview, "Gold has received some support after slightly lower than expected PCE data, which supports the view that the Federal Reserve may cut interest rates this year."

As of 7:11 Greenwich Mean Time on Monday, spot gold fell slightly by 0.10% to $2,324.91 per troy ounce, hovering above a three week low of $2,314.79.

The gold futures for delivery in August fell slightly by 0.01% on the same day, closing at $2,345.50 per troy ounce.

In addition, silver futures for delivery in July fell 0.24% to $30.367 per troy ounce.

The US dollar index, which reflects the strength of the US dollar relative to the other six major currencies, rose slightly by 0.03% on Monday to 104.653.