Gold price (XAU/USD) holds firm during the North American session as market participants await the outcome of the meeting between US President Donald Trump and his counterpart, Russian President Vladimir Putin. Traders shrugged off in-line US Retail Sales figures, which failed to propel the US Dollar. The XAU/USD trades at $3,340, up 0.17%.
The golden metal seems trapped within the $3,330-$3,350 range since late on Thursday and throughout Friday's session. Expectations of a positive result of the Trump-Putin summit in Alaska are not as high as expected. However, the White House expressed that something's going to come off and that the war needs to stop before talking about business.
The US Dollar failed to gain traction after a solid Retail Sales report in July, which also witnessed the upward revision of June's print. Further data showed that Consumer Sentiment has deteriorated as inflation expectations have risen, while Industrial Production in the US declined in July.
Bullion prices extended their gains as the US Dollar Index (DXY), which tracks the buck's performance against six currencies, tumbled 0.37% at 97.83. Nonetheless, XAU/USD has failed to clear $3,350, capped by high US Treasury yields.
Next week, the US economic docket will feature Flash PMI readings, the release of the minutes of the latest meeting of the Federal Open Market Committee (FOMC), and Federal Reserve (Fed) Chair Jerome Powell's speech at Jackson Hole.
Source: Fxstreet
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