Gold prices were relatively unmoved on Monday, but held onto their previous lows. The prices for the yellow bullion has been under pressure from a firmer dollar and expectations of a series of interest rate hikes from U.S. Federal Reserve this year and in 2018.

Spot gold was nearly unchanged at $1,275.63 per ounce at 0431 GMT. On Friday, gold dropped 0.7 percent for its biggest one-day percentage fall since Oct. 26, weighed down by a rise in U.S. Treasury bond yields.

U.S. gold futures for December delivery gained 0.1 percent to $1,275.80.

The expectations of a rate hike in next month have kept the oil prices range bound. There have been rumors that the Fed is expected to raise interest three times in the next year. Markets are digesting this news and the gold traders expect the market to remain un-moved for the coming few months.

Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.

In other precious metals, silver edged 0.1 percent higher to $16.91 per ounce.

Platinum rose 0.4 percent to $929.35 an ounce and palladium was up 0.6 percent, to $999.50.