Forex Signal Bullish

Gold Stabilizes Near $2,330

Gold Stabilizes Near $2,330
Gold held steady around $2,330 per ounce mark on Wednesday, after declining in the previous session, following softer-than-expected US retail sales data strengthened expectations of imminent Federal Reserve rate cuts.

Retail sales in the US rose by 0.1% in May, following a revised 0.2% decline in April, missing the 0.2% forecast and signaling cooling consumer sentiment.

Meanwhile, Fed Bank of New York President John Williams stated on Tuesday that interest rates will gradually decrease but did not specify when the central bank will begin easing monetary policy.

Investors are now focused on weekly jobless claims due Thursday and flash purchasing managers’ indexes on Friday for insights into consumption and economic strength.

Elsewhere, more central banks plan to increase their gold reserves within a year due to economic and political uncertainty, despite high prices, according to the World Gold Council’s survey.