Gold staged a remarkable comeback in Monday's trading, completely erasing last week's losses as investors positioned themselves ahead of the Federal Reserve's highly anticipated interest rate announcement.

Gold concluded the week with minimal activity, as the most active June futures contract settled at $3,247.40, down a mere $0.90 or 0.03% on Friday. This subdued performance follows three consecutive days of notable declines after Monday's $24 gain.

As of 6 PM ET, gold's most active June futures contract fell $50.90 to $3,248.30. This week's decline of $81.90 (2.46%) from Monday's opening of $3,336.50 marks the third consecutive day of losses, coinciding with reports that the U.S.