Gold prices fell for a second straight session on Monday, while investors prepared for US economic data and comments from Federal Reserve officials this week for more clarity on the future direction of US interest rates.

Spot gold dropped 0.5% to $2,669.22 per ounce, as of 0306 GMT. US gold futures fell 0.7% to $2,675.90.

"Gold prices were previously seen as a hedge against US political risks, and a quicker-than-expected conclusion in the elections may be a trigger for some near-term unwinding, along with the firmer US dollar," said IG market strategist Yeap Jun Rong.

On Friday, spot gold prices registered their worst week in more than five months as Donald Trump's victory in the presidential election has raised the prospect of higher tariffs which could keep interest rates elevated.

"We may expect the Fed to be more cautious in its easing process ahead, which could cap gold prices," Yeap said.

Bullion is considered a hedge against inflation, but higher rates raise the opportunity cost of holding it.

Several Federal Reserve officials, including Chair Jerome Powell, are scheduled to speak this week.

Additionally, US consumer and producer price index data, weekly jobless claims and retail sales figures are due this week.

Traders see a 65% chance of another 25-basis-point cut in December and a 35% chance of no change, according to CME Fedwatch tool.

Elsewhere, data out over the weekend showed top consumer China's consumer prices rose at the slowest pace in four months in October while producer price deflation deepened even as Beijing doubled down on stimulus to support the sputtering economy.

Spot silver fell 0.4% to $31.17 per ounce, platinum rose 0.3% to $971.11, and palladium added 0.5% to $993.74.