Gold prices declined on Monday as the dollar strengthened against most major currencies, while traders took profits.
Fed Chair Jerome Powell is set to testify before Congress this week regarding monetary policies and interest rates.
On Thursday, important US consumer price data for June will be released, which could influence the likelihood of future US interest rate cuts.
Additionally, corporate earnings reports will begin this week, starting with major banks like JPMorgan and Citigroup, as well as other companies such as PepsiCo.
The dollar index increased by 0.1% to 105.1 as of 19:51 GMT, with a session high of 105.03 and a low of 104.8.
Gold spot prices dropped by 1.4% or $35 to $2,363 an ounce as of 19:53 GMT.