(Prices in gold price story updated, in addition to analyst commentary.)
NEW YORK ( TheStreet) -- Gold prices soften as investors await a spate of global economic data reports this week and concerns about European sovereign debt retreat a bit amid signs that Greece has been making progress in pension reforms and positive bank stress tests.

Gold for August delivery fell $10.10 to $1,199.70 an ounce at the Comex division of the New York Mercantile Exchange. Gold prices traded as high as $1,213.50 and as low as $1,196.10 on Monday. The U.S. dollar index was up 0.3% to $84.24 while the euro fell 0.4% to $1.26 vs. the dollar. The spot gold price was falling $13, according to Kitco's gold index.

Gold has been in negative territory Monday afternoon amid an uptick in the U.S. dollar while investors anticipate the arrival of key global economic indicators and earnings reports. Monday marks the beginning of earnings season, with Alcoa ( AA) being the first company to report.

Upcoming economic data this week include the U.K.'s gross domestic product and current account, Japanese industrial production, German and European Union economic sentiment, the EU and U.S. consumer price indices and the Chinese consumer price index.

TheBullionDesk.com analyst James Moore said in a note Monday morning that the Chinese CPI figure will be scrutinized to gauge inflation risk; many investors believe that gold is a good inflation hedge. **Another closely followed economic report will be the minutes from the Fed's last meeting on Jun. 22 to 23. They will be released on Wednesday and are expected to show that the central bank has reduced its economic growth forecast.**

"Two-way trade has been seen this morning and given the increase in broader risk appetite gold may be vulnerable to further long liquidation with SPDR ETF holdings posting their first weekly decline since April," Moore said in his note.

"That said other funds continue to see a build in holdings and we expect further dip buying interest below $1200 from physical and investment players looking to diversify their portfolios," Moore said.

Silver prices were down 13 cents to $17.94 while copper prices were trading at $3.

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Gold mining stocks, a more risky but more profitable way to invest in gold **were lackluster Monday afternoon.**

Barrick Gold ( ABX) was trading sideways at $43.61 in Monday afternoon trading, while Goldcorp ( GG) was flat at $41.56.

Yamana Gold ( AUY) fell 1.2% to $9.71 and the gold exchange-traded fund, iShares COMEX Gold Trust ( IAU), lost 0.8% to $11.74 in afternoon trades.
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-- Reported by Andrea Tse in New York.

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