Gold prices are moving sideways as investors consider the possibility of a Fed cutting interest rates and the prospect of reaching a peace deal in Ukraine.
Spot gold fluctuated around $4,135 an ounce, after a slight increase in the previous session.
The delayed economic data has reinforced expectations of a Fed rate cut at the upcoming meeting, as September retail sales only increased slightly, showing that strong spending by US consumers for many months has stagnated, while consumer confidence this month recorded the strongest decline since April.
Also contributing to the possibility of a lower interest rate environment, Mr. Kevin Hassett - Director of the National Economic Council of the White House - is considered the leading candidate for the position of Fed Chairman, according to Bloomberg.
Mr. Hassett is considered to have the same view with President Donald Trump in supporting a policy of reducing borrowing costs.
Gold often benefits from falling interest rates, as it does not yield, so the opportunity cost of holding gold is lower.
However, gold's gains were limited after ABC News reported that Ukraine had agreed to a plan to end the war with Russia.
The end of the war could reduce demand for safe-haven assets such as gold.
In Singapore, at 7:41 a.m., spot gold increased slightly by 0.1%, to 4,135.08 USD/ounce.
Bloomberg Dollar spot Index decreased by 0.3% in the previous session. Silver and palladium prices are almost flat, while platinum prices have increased slightly.
