Gold eases as dollar holds firm after robust US data

BENGALURU, July 17 (Reuters): Gold slipped on Wednesday as the dollar held near a one-week high on the back of better-than-expected retail sales data from the United States, while investors waited for direction on interest rates from the US Federal Reserve.

Spot gold fell 0.3 per cent to $1,402.42 per ounce as of 1131 GMT. Prices were on track for a third straight session of losses as robust US data trimmed expectations of an aggressive interest rate cut by the Fed.

US gold futures for August delivery shed 0.5 per cent to $1,403.80. "We're seeing a delayed reaction (in gold) considering yesterday's movement in the foreign exchange market," said Quantitative Commodity Research analyst Peter Fertig.