Gold prices edged lower on Monday as investors remained cautious ahead of a flurry of U.S. data due this week, with firmer Asian stocks also weighing on the market. Investors will watch U.S. data including June consumer confidence, pending home sales, crude oil inventories and revised first quarter GDP for any signs of softness that could push back rate hike expectations. The market is looking at this week with caution. There's certainly some expectations of disappointing data and also a more dovish Fed, that could keep gold prices elevated. 

Anything on the inflation front will be constantly watched. Spot gold fell 0.2 percent to $1,254.00 per ounce at 0515 GMT, staying not far off a one-week high hit on Friday. U.S. gold futures for August delivery fell 0.1 percent to $1,255.2 per ounce.

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