Gold futures closed lower to start the week as the market settled into a narrower trading range ahead of the upcoming FOMC meeting. Prices briefly dipped below the 5,000 level before recovering to close at 5,015, down 5 on the session. Market participants are focused on the Federal Reserve's statement and commentary from the Fed Chair scheduled for Wednesday, seeking clarity on future interest rate policy. Despite the price decline, the CVOL index shows that volatility has trended lower since early March. Additionally, recent data indicates that speculators have begun adding to net long positions, a shift from the trend of exiting positions seen earlier this year.