Gold is flat. It is currently at $1,107.40 (-0.03%) near a one-month low as investors await a Federal Reserve meeting, which starts on Wednesday. The central bank will announce its interest rate decision on Thursday. Uncertainty regarding forecasts for the result of the meeting persists and may weigh on prices, although bullion is unlikely to choose a direction before the decision is known.

At the same time some analysts say that even if the Fed does not lift rates this week, this does not mean that the situation changed significantly as the Fed may take this step at the next meeting. That's why investors are likely to remain generally cautious.