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Gold prices edged lower on Monday as the dollar and U.S. Treasury yields firmed, although rising inflation and uncertainty over the Omicron coronavirus variant limited losses, while investors focused on U.S. consumer prices data due later this week.

Spot gold fell 0.3% to $1,778.09 an ounce by 01:42 p.m. ET (1842 GMT), while U.S. gold futures settled down 0.3% at 1,779.50.

The dollar strengthened, making gold more expensive for overseas buyers, while U.S. 10-year Treasury yields rebounded.

Global stock markets staged a tentative rebound from last week's selloff driven by worries over the spread of Omicron.

"Gold is going to remain in a choppy trading environment as there is a push-pull in the market; one side, we have the market anticipating faster tapering and on the other, we have safe-haven demand at the idea of inflation running hot," said David Meger, director of metals trading at High Ridge Futures.

Consumer price data on Friday would provide more cues on the U.S. Federal Reserve's policy strategy.

Source: Reuters