Gold is flat. It is currently at $1,104.70 (+0.19%) 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. Higher rates would harm the non-interest bearing precious metal.

A survey by the Wall Street Journal showed that approximately 46% of the economists surveyed last week expect the Fed to raise rates in September. 35% of economists said the Fed would raise rates in December and 9.5% said they expect a liftoff in 2016. At the same time Barclays surveyed 700 investors last week and only 36% of the respondents believe that the Central bank of the U.S. will raise rates in September.