Gold traded in negative territory near $2,400 on Monday as warmer-than-expected US wholesale inflation data in June weighed on the precious metal.
At 10.25am, the price of gold was at $2,409.53, down 0.09% since it opened at the start of the Asian session.
Investors are now looking ahead to China's Domestic Product (GDP) report for the second quarter along with the US New York Empire State Manufacturing Index for July and Fed official Mary Daly's speech to be released later on Monday.
Data released by the Bureau of Labor Statistics on Friday showed that the US Producer Price Index (PPI) registered 2.6% for June compared to 2.4% previously.
Meanwhile, Food and Energy Producer Prices rose more than expected on both an annual and monthly basis.
However, gold's weakness is limited amid expectations that the Fed will begin easing its policy in September. Lower interest rates generally increase the attractiveness of gold.
Markets now set an 80% chance of a 25 basis point interest rate cut in September.
Additionally, global political uncertainty and war tensions in the Middle East may continue to give gold prices a boost.
Not to forget, the news about former President Donald Trump who was shot in the ear while campaigning on Saturday has stolen the attention of the media around the world.
