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Gold prices have fallen, with the dollar nearing its highest level in several weeks, while some investors sold the gold for profit before major central bank meetings this month.
The ECB will meet later in the day, followed by the Fed meeting on Tuesday and Wednesday.
Spot gold prices declined 0.3% to $ 1,422.03 an ounce, while futures prices in the US fell 0.1% to $ 1,422.60.
Under the pressure of gold prices to bring it down, the dollar index is approaching the two-month high reached in the previous session. A rising dollar would increase the cost of holding gold for investors of other currency holders.
Investors are looking to the ECB meeting later in the day and the many expectations regarding Fed interest rate cuts next week, which should determine the pace of bond and currency yields in the months ahead to come up.
A drop in US interest rates is putting the dollar and bond yields under pressure, increasing the demand for a yellow metal that does not yield.
Gold prices have also risen by more than 12%, or $ 150, since the end of May, reaching $ 1265.85, the lowest level reached in 2019.
For other precious metals, silver fell 0.6% to $ 16.48 an ounce, after reaching its highest level in more than a year at $ 16.64 when from the previous session.
Platinum rose 0.3% to 878.04 dollars an ounce, its highest level since May 7, while palladium rose 0.2% to 1543.50 dollars after reaching a summit a week earlier in the session.
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