Markets are awaiting more cues on inflation and monetary policy.

After the European Central Bank last week kept monetary policy unchanged at accommodative levels, all eyes this week will be on the US Federal Reserve's policy meeting, with the bank expected to maintain its dovish stance, Reuters reported.

"With the market running a short USD position and leveraged funds having pared back shorts in US Treasuries it feels like the risk at the FOMC is slightly skewed to a stronger USD, which could weigh on tech and gold," Pepperstone head of research Chris Weston said.

The gold price is similar to this point yesterday, at US$1,861 an ounce on the spot market.

Iron ore was higher as Vale continues to face setbacks in Brazil, with its Mariana operations impacted by a halt on some activities near its decommissioned Xingu tailings dam.

Australian 62% iron ore fines were up more than 1% to $221.75 per tonne.

Among the majors, BHP was up 0.8% in morning trade, Anglo American closed down 1.1% in London and Newmont closed down 0.68% in New York.