Gold futures closed slightly higher at $4,055 an ounce to start the week, rebounding off session lows as U.S. dollar fluctuations and ongoing Middle East geopolitical developments weighed on price action. Since July 1, Gold futures have remained bound within a tight range between 4,000 and 4,200, despite briefly testing support below 4,000 with limited follow-through. Gold volatility, measured by the CME Group CVOL index, continues to trend lower toward year-to-date lows alongside range-bound price action. Meanwhile, CFTC positioning data shows speculators modestly trimmed net long positions ahead of the upcoming FOMC meeting. Todd Colvin breaks down the key drivers for precious metals.