Gold prices were little changed on Monday as traders awaited more U.S. economic data this week, after recent data showed that inflation stabilised and lifted hopes for the Federal Reserve to cut interest rates later this year.

Spot gold was nearly unchanged at $2,322.53 per ounce, as of 0342 GMT. Bullion was up nearly 2% in May.

U.S. gold futures fell 0.1% to $2,342.70.

"The short-term catalyst is going to be the jobs data and if it shows a little bit of slack building in the labor market, you know that's going be good for gold prices," said Kyle Rodda, a financial market analyst at Capital.com.

Investors will look at the Institute of Supply Management's (ISM) nationwide PMI reading expected at 1400 GMT, Wednesday's ADP employment report and non-farm payrolls data due on Friday to gauge the U.S. economy's health and if it will deter the Fed from cutting rates in September.

"Gold is getting a little bit of support after the marginally softer than expected Personal Consumption Expenditures (PCE) numbers supported the notion that the Fed can cut rates this year," Rodda said.

Data on Friday showed that the U.S. inflation had stabilised in April, raising bets for a rate cut in September. Traders are currently pricing in about a 54% chance of a cut in September, versus about 49% before the report.

While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.

Spot gold may break support at $2,319 per ounce, and fall towards $2,302, according to Reuters technical analyst Wang Tao.

Spot silver fell 0.8% to $30.12 per ounce, platinum was up 0.3% at $1,040.80 and palladium lost 0.5% to $908.19.