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Gold prices were under some pressure but remained near their high.
Traders could remain cautious as they wait for additional economic data this week as the Federal Reserve meeting comes closer.
Although expectations remain focused on the start of interest rate cuts, the size of the cuts could remain uncertain.
Weaker-than-expected manufacturing PMI data has supported to a certain extent the probability of a larger interest rate cut at the next Federal Reserve meeting. Gold could find more support if upcoming economic data drive expectations for a larger cut in September higher.
Market participants are now focused on key jobs report later this week. The NFP report will provide insights into the labor market’s performance. Meanwhile, central banks have continued to accumulate gold in recent months, which could help keep gold at high valuations.
A continuation in the stock market selloff could also drive investors toward safe haven assets and could benefit gold.
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