Gold prices continued to trade lower, now for the second consecutive day. As of 5:30 PM ET, the most active August gold futures contract was fixed at $2,309.40, down $22.30 or - 0.96%.

This Friday's Personal Consumption Expenditures (PCE) report is poised to be one of the most significant economic indicators released this month.

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%.