Gold traded below $2,640 per ounce on Monday as traders awaited key U.S. economic data this week to gauge the Federal Reserve’s outlook on rate cuts. Key reports included job openings, the Fed’s December meeting minutes, and the non-farm payrolls. Over the weekend, comments from San Francisco Fed President Mary Daly and Fed Governor Adriana Kugler suggested the central bank would take a cautious approach to lowering interest rates this year. Additionally, the economic policies of the incoming Donald Trump administration are expected to increase inflation, potentially limiting the Fed’s ability to cut rates and reducing gold’s appeal as a non-yielding asset. However, the precious metal remains supported by persistent geopolitical tensions and continued central bank purchases.