For a second session in a row, gold prices fell slightly on Monday as investors' attention moved to central bank meetings for clarity on their rate increase strategies.

U.S. gold futures remained stable at $1,991.10, while as of 0405 GMT, spot gold was down 0.1% at $1,980.59 per ounce. In reality, gold is very sensitive to rising interest rates, which increase the opportunity cost of holding non-interest-bearing bullion. The price of gold fell by more than 1% on Friday after the publication of surveys that showed that business activity in the United States and the eurozone accelerated in April

Cash fell 0.5% to $24.90 per ounce, platinum lost 2.3% to $1,098.01, and palladium fell 1.2% to $1,583.53.