Gold prices rose on Wednesday after weak U.S. retail sales data boosted bets the Federal Reserve will cut interest rates this year.
Spot gold rose 0.1% to $2,328.67 per ounce by 0631 GMT, while U.S. gold futures fell 0.2% to $2,330.30 per ounce.
Data released on Tuesday showed that U.S. retail sales barely rose in May, suggesting that economic activity remained weak in the second quarter.
The overnight decline in Treasury yields and the dollar's slight moves after disappointing U.S. retail sales data appear to be providing some breathing space for the yellow metal, said IG market strategist Yip Jun Rong.
While US policymakers have indicated that interest rates may be cut only once in 2024, market price expectations are leaning more cautious, he added.
Lower interest rates reduce the opportunity cost of holding non-yielding gold.
The market focus is now on the weekly US jobless claims data on Thursday and the purchasing managers' indices on Friday.
Gold prices received support after rising to a record high of $2,449.89 on May 20.
Among other precious metals, spot silver fell 0.5% to $29.37 an ounce. Platinum rose 0.1% to $973.05. Palladium fell 0.1% to $885.88.
