Gold held a decline as better-than-projected U.S. data raised doubts over the Federal Reserve’s monetary policy path after an expected interest rate cut at the end of this month.
U.S. retail sales and factory output in June exceeded expectations and underscored steady economic growth. Fed Chairman Jerome Powell saidTuesday the central bank is “carefully monitoring” downside risks to U.S. growth and “will act as appropriate to sustain the expansion,” echoing his Congressional testimony last week.
Spot gold little changed at $1,405.80/oz at 9:07am in Singapore, after -0.6% on Tuesday.
Source : Bloomberg