Gold steadied and was set for a moderate weekly loss as investors assessed the outlook for Federal Reserve rate cuts after resilient US jobs and retail data eased concerns about the economy.

Bullion traded below $3,340 an ounce in early Asian hours, heading for a 0.5% drop on the week. That came after data that showed applications for unemployment benefits fell for a fifth straight week to the lowest level since mid-April, and advancing retail sales in June.

San Francisco Fed President Mary Daly said she still thinks it's reasonable for policymakers to plan on two interest-rate cuts this year, emphasizing that the central bank should not wait too long before acting.

Pressure is mounting on central bank leadership from US President Donald Trump to ease policy and over an expensive renovation of the Fed's headquarters.

Traders will watch for the outcomes of a gathering of Fed officials at the end of this month to get a clearer sense of their direction. Gold is typically disadvantaged in a high interest-rate environment as it doesn't offer interest.

Despite the recent lack of momentum, gold has climbed more than a quarter this year, with geopolitical tensions and concerns about dollar-denominated assets sparking flight to the haven.

The metal has been trading within a tight range over the past few months, as investors wait for a clearer sense on US talks with a raft of trade partners, rate cut paths and tariff impacts on the global economy.

Gold was little changed at $3,338.96 an ounce at 8:50 a.m. Singapore time. The Bloomberg Dollar Spot Index edged lower. Silver was steady, while platinum and palladium edged higher.

Source : Bloomberg