Gold futures saw modest gains on Monday, primarily driven by a weakening dollar. As of 4:15 PM ET, the most active August gold contract settled at $2,345.90, up $11.20 or 0.48%. The dollar index declined by 0.35% to 105.491, contributing significantly to gold's upward movement.
The week's most anticipated report is the May Personal Consumption Expenditures data from the Commerce Department. According to a Reuters poll of economists, the headline PCE is expected to remain unchanged month-over-month while showing a 10-basis-point decrease to 2.6% annually. While economic reports and Fed comments will largely influence gold prices, the CME's FedWatch tool indicates that traders currently see a 67.7% probability of a rate cut in September.
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