Gold price today is stuck in a narrow range on Monday, and gains are being held back by fears of a significant Fed rate hike, while investors on the sidelines await the release of U.S. inflation data to be released later this week.

The spot price of gold rose 0.15% to $1,776.85 a troy ounce.

Palladium rose 2.74% to $2,184.2 an ounce and silver added 1.18% to $20.11 an ounce. Platinum dropped 0.2% to $930.11.

The main factor playing against a further recovery in gold is growing pressure from an aggressive Fed outlook after solid U.S. labor market data, said Carlo Alberto de Casa of Kinesis Money.

Although investors have begun to re-shape positions after Friday’s dollar rally, “they may still think the inflation ceiling is not that far away and the pressure on the Fed may be slowing,” he added.

The focus of market participants this week will shift to the release of U.S. consumer price index data on Wednesday, which could indicate a further move by the Fed. Analysts polled by Reuters expect annual inflation to slow to 8.7 percent in July from June’s 9.1 percent.