Spot gold initially advanced on Monday, supported by a sharp decline in oil prices and lower U.S. Treasury yields and the U.S. dollar. However, as expectations for a sustained ceasefire between the United States and Iran continued to strengthen, safe-haven demand faded. Gold subsequently erased all of its earlier gains and broke below key support levels. Market participants are now awaiting the Federal Reserve's interest rate decision and upcoming U.S. inflation data for fresh guidance on the outlook for monetary policy.