Gold prices fell on Monday as market participants awaited new signals on the Federal Reserve's monetary policy trajectory.

Spot gold fell 0.4% to $2,646.75 per ounce at 00:22 GMT, after rising 1% in the previous session. American gold futures lost 0.5% to 2,663.90 dollars

Data released on Friday showed that U.S. producer prices were unchanged in September, indicating a still favorable inflation outlook and supporting the view that the Fed would cut interest rates again next month.

Zero return bullion is a preferred investment in a context of lower interest rates.

Investors will also be keeping an eye on U.S. retail sales data, expected later this week, for further guidance on the outlook for rates.

Spot silver fell 1% to $31.21 per ounce. Platinum fell 0.9 percent to $976.20 and palladium fell 2.1 percent to $1,045.87