Gold held firm at around $3,370 at the close of Monday's trading amid a recovery in the US dollar following a dovish tone from Fed Chairman Jerome Powell at the Jackson Hole Symposium.
At 9.20am, gold was at 3,374.67, up 0.26% since it opened early Tuesday in Asian trading.
Bullion is still in a bit of a tailwind as market participants locked in profits following Powell's latest stance, while awaiting Gross Domestic Product (GDP) data to gauge the Fed's proposal to keep interest rates on hold or cut.
However, investors have pegged the odds of a rate cut at 90%, as revealed by the Main Market Terminal.
In addition, US President Donald Trump and Russia's Vladimir Putin discussed the potential for nuclear weapons and Trump said Putin did not want to meet with Zelenskiy due to his dissatisfaction.
The escalation of the Russia-Ukraine conflict will have a negative impact on gold prices, which are usually well-supported amid geopolitical uncertainty.
Heading into the week, gold investors will be watching the release of Durable Goods Orders, GDP, Initial Jobless Claims and the Fed's favorite inflation gauge, Core Personal Consumption Expenditures (PCE).
