Gold was almost flat on Wednesday after its closing numbers neared the open due to US markets honoring the Juneteenth holiday.
US economic data continues to show weaker than expected values and this is a confident signal that the Federal Reserve (Fed) will ease its policy this year.
Meanwhile, the price of gold is now at $2,331.67 which is up by (0.14%) since it opened at the beginning of the Asian trading session.
The US Retail Sales report in May improved compared to April but it fell short of forecasts and was a bit lackluster. The data also reflected last week's consumer inflation report and raised the possibility of a rate cut in September.
Also, other data showed Industrial Production improved in May followed by a downward revision in April.
Market expectations for a possible 25 basis point rate cut for September rose to 67% from 61% previously.
The December 2024 Fed funds futures contract implies the Fed will cut 36 basis points by the end of the year.
Recently, the speech of several Fed officials also caught the attention of gold investors when they said that inflation still remained high and needed more evidence that inflation was growing towards the 2% goal.
US Treasury bond yields remained weak with the 10-year down one and a half basis points to 4.215%.
