Gold (XAU/USD) is experiencing a pullback on Thursday as traders digest US Retail Sales data and await further comments from Federal Reserve (Fed) officials. The yellow metal trades near $3,335 at the time of writing, down 0.30% on the day.
With the timing of when the Federal Reserve will cut interest rates still uncertain, several members of the central bank are scheduled to speak throughout the day. Comments from Governor Adriana Kugler, San Francisco President Mary Daly, Governor Lisa Cook, and Governor Christopher Waller will be monitored closely.
So far, comments from Kugler that it would be appropriate to keep interest rates steady "for some time" have reinforced expectations that rate cuts may only take place later in the year (potentially only in October).
Additionally, bullion serves as a safe haven during times of economic uncertainty. This brings the US economic calendar into focus. On Thursday, US Retail Sales data for June, beat estimates, rising 0.6% in June, above the 0.1% expected by economists. This marks a positive turn for consumer spending trends, which contracted by 0.9% in May. Jobless Claims also came in better than expected, further supporting the US Dollar and weighing on Gold.
Source: Fxstreet
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