Spot Gold was poised to register a weekly loss, as the US Dollar was set for a second straight weekly advance in the wake of solid US macro data.
The US Dollar Index held not far from a one-month high and was last down 0.15% to 98.467. The DXY has risen 0.61% so far this week.
US retail sales growth was stronger than expected in June, 0.6% month-over-month, while initial jobless claims dropped more than expected in the week ended July 12th.
The overall strong data added to expectations that the Federal Reserve was not likely to resume monetary easing until September.
“We are starting to see data coming in that is still supporting a rather vigilant U.S. economy and potentially market participants are still looking at a situation where we are not expecting a very dovish Fed,” OANDA senior market analyst Kelvin Wong was quoted as saying by Reuters.
Yet, Fed Governor Christopher Waller said he supported a rate cut at the end of this month, as risks to the economy mounted.
Meanwhile, market players continued to keep a close eye on trade negotiations.
Spot Gold was last up 0.33% on the day to trade at $3,349.94 per troy ounce.
The precious metal has lost 0.22% so far this week.
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