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 Gold prices were almost flat on Monday, hovering near three-week lows, as the dollar held firm and investors awaited U.S. inflation data for more cues on whether the Federal Reserve will stand pat on rates or hike.

Spot gold was up 0.1% at $1,935.09 per ounce, as of 0319 GMT. U.S. gold futures gained 0.1% to $1,939.10.

Gold fell 2.8% last week, logging its worst week in more than a month, as Fed Chair Jerome Powell's hawkish remarks pushed back any notion about interest rate cuts.

"People are kind of focused on whether the CPI data (will) allow the Fed to pause or hike. So I think the markets (are) a little bit sideways ahead of that data," said Nicholas Frappell, global head of institutional markets at ABC Refinery.

U.S. consumer prices index (CPI) data is due on Tuesday. Core CPI month-over-month is expected to have risen 0.3% in October, with a year-over-year increase of 4.1%, a Reuters poll showed. Both estimated gains are the same as in September.

The dollar was up 0.1% against its rivals after hitting a one-week high in the previous session, making bullion less attractive for other currency holders.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.10% to 868.14 tonnes on Friday. [GOL/ETF]

"Other than geopolitical risks-driven haven demand and central bank purchases, the macroeconomic backdrop is turning supportive for gold," ANZ analysts said in a note.

"The U.S. monetary tightening cycle is nearing an end and the USD has peaked. This could see US 10-year yield and the USD moderating, which will support investment demand of gold."

Elsewhere, spot silver fell 1% to $21.99 per ounce, while platinum gained 0.2% to $841.49.

Palladium lost 0.1% to $962.35 per ounce, and was holding near its lowest level since 2018.