Unmarked gold bars at a gold and silver refinery operated by MMTC-PAMP India, in Nuh, India, on Wednesday, 31 August 2022. (Photo: Anindito Mukherjee/Bloomberg) “Gold might continue to soften until Wall Street gets a clear sign that market stress is emerging from either debt-ceiling talks, regional banking fears, or sticky inflation weighing on the consumer,” said Ed Moya, senior market analyst at Oanda. “This retail sales report is not supporting the recession trade and that is why gold has been unable to rally.”
Later in the day, several Federal Reserve officials will give speeches that will be watched closely for guidance on the US central bank’s interest rate path.
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Spot gold declined 0.9% to $1,998.69 an ounce as of 11:14 a.m. in New York. The Bloomberg Dollar Spot Index rose 0.2% after falling 0.3% in the previous session.