• Gold price clings to the range-bound theme around $2,025 on Monday.  
• Several Fed officials agreed that the FOMC needs time to assess economic data before cutting rates. 
• The rising Middle East geopolitical tensions after Israel rejected a ceasefire offer from Hamas might lift the gold price.
• Gold traders await the US January CPI inflation data on Tuesday.

Gold price (XAU/USD) oscillates in a narrow trading range of $2,020-$2,040 during the early Asian trading hours on Monday. The significant move in gold is unlikely amid an uncertain outlook on rates. The Japanese market is closed for the National Day holiday, while Hong Kong, Singapore, and mainland China markets are closed for the Lunar New Year holiday. Gold price currently trades near $2,025, down 0.02% on the day.

The Federal Reserve (Fed) Chairman Jerome Powell said last week that while the central bank wants to see continued strong growth, a strong economy does threaten to send inflation up. Meanwhile, several Fed officials stated they want more time to see if inflation continues to subside. Minneapolis Fed President Neel Kashkari and Boston Fed President Susan Collins agreed that the FOMC has time to assess economic data before cutting rates. 

Market players will take more cues from the US January inflation data, due on Tuesday. The headline Consumer Price Index (CPI) for January is expected to slow from 3.4% in December to 3.0% in January. The inflation reports over the next few months could be key in determining the timeline for when the Fed will cut its benchmark interest rate.