On Monday, gold prices slid slightly, continuing a downward trend from the previous week as demand for safe haven assets shifted toward the dollar due to concerns over sluggish economy and hiked interest rates.

This week, attention is cantered on additional clues from a number of Federal Reserve speakers, most importantly Chair Jerome Powell on Friday.

Over the previous week, speculators locked in recent profits and reduced expectations that the Fed will lower interest rates this year, which caused gold to fall dramatically from record highs. Post dropping 0.3% last week, the yellow metal is currently on the verge of hitting the $2,000 support level.

Data released on Friday revealed that consumer sentiment declined in May, inflation remained sticky, and the job market stalled. These developments are further indications that the U.S. economy is weakening.

This week's scheduled data for manufacturing, retail sales, and industrial production are likely to provide additional insight into the state of the American economy. This year could see a slight recession, according to the Fed.