Gold gains due to expectations of a US interest rates cut

Gold prices rose today, Wednesday, after weak retail sales data in the United States reinforced bets that the Federal Reserve (the US central bank) would cut interest rates this year.

Gold in spot transactions rose 0.1% to $2,328.67 per ounce by 06:31 GMT, while US gold futures contracts fell 0.2% to $233.30 per ounce.

Data released on Tuesday showed that US retail sales barely rose in May, indicating that economic activity remained weak in the second quarter, according to Reuters.