Gold prices held relatively flat on Tuesday despite a decline in the U.S. dollar, as markets digested mixed economic data and continued to focus on dovish commentary from Federal Reserve officials regarding future monetary policy.

Gold prices surged to the upper bound of their recent trading range on Monday, reaching as high as $4,126 per ounce amid growing optimism that the Federal Reserve will reduce interest rates at its upcoming policy meeting.

Precious metals exhibited lackluster performance this week, with neither geopolitical tensions nor anticipated Federal Reserve monetary policy easing providing sufficient momentum for sustained gains.