As investors adopt a cautious stance ahead of upcoming economic data, gold prices are pressured by a slight dollar recovery and uncertainty surrounding the Federal Reserve's interest rate decisions.
Traders are currently pricing in a 63.5% probability of a 25 basis point cut and a 36.5% chance of a more substantial 50 basis point reduction in the anticipated September rate cut.
Markets are looking forward to a slew of economic data this week that includes the second estimate of US GDP Annualized for Q2 and PCE Price Index data.
Geopolitical developments in the Middle East might continue to support gold, as further escalations in the region could increase demand for safe-haven assets.
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