Gold prices traded in a narrow range during the Asian session on Monday, as low activity in the US, China, and several Asian markets due to holidays limited trading volumes. Investors adopted a wait-and-see approach, focusing on upcoming macroeconomic data releases from major economies. Despite increased volatility in recent weeks, the precious metal held above the psychologically important $5,000 per ounce mark last week.

Spot gold prices fell 0.3% to $5,028.79 per ounce, while April futures remained virtually unchanged at $5,047.21. Similar subdued dynamics were observed in the other precious metals markets: silver lost about 0.3%, falling to $77.25 per ounce, while platinum gained 0.4%, rising above $2,076.

The key events of the week will be the release of the minutes of the US Federal Reserve's January meeting and data on the PCE price index, the Fed's preferred inflation indicator. Market participants are hoping for clearer signals regarding the future path of interest rates, especially amid discussions about the Fed's future leadership. Any hints of policy tightening or easing could significantly impact gold's performance.

Prices were supported last week by increased demand for safe-haven assets due to escalating geopolitical tensions between the US and Iran, as well as moderate inflation data in the United States. However, the market is still recovering from the sharp decline in late January triggered by the nomination of Kevin Warsh as Federal Reserve Chair — a candidate seen by investors as less inclined to adopt a dovish policy. Concerns about continued high interest rates in the US continue to curb the steady rise in precious metals prices.