Gold found support to trade higher at the opening of the Asian session following gloomy US dollar trading.
At the time of writing, spot gold was slightly up at $1,667 per ounce, while gold futures were positive at $1,676 per ounce.
It was a poor start for the US dollar at the start of the week, seeing it trade slightly lower against most major currencies.
However, it is too early to determine the actual direction of movement for the currency king since it is still supported by the expectation of continued tightening by the Federal Reserve (Fed).
Personal consumption expenditure (PCE) data, which is the Fed's preferred measure of inflation, showed a bigger-than-expected increase of 6.2% year-on-year.
This further strengthens the reason for the Fed to continue raising interest rates to return inflation to the 2% target.
Important for gold investors this week is the US NFP jobs report to see the health of the labor market after some aggressive hikes have been taken by the Fed.
