Gold fell to $1,171.40 (-0.12%) amid speculation that the Federal Reserve can still raise rates by the end of this year. Last week bullion rose to a 3-1/2-month high as investors thought that weakness of the global economy will prevent the central bank of the U.S. from raising rates. However recent upbeat data on the U.S. economy raised the question of a probability of a rate hike one more time.

Investors are also waiting for London Bullion Market Association's gold price forecast.