WASHINGTON (dpa-AFX) - Gold prices edged lower on Tuesday as the dollar gained in strength, buoyed by strong U.S. retail sales data.
However, lingering concerns about the outlook for the global economy due to the ongoing U.S.-China trade dispute limited the yellow metal's decline.
The dollar index advanced to 97.42 and was last seen at 97.40, up nearly 0.5% from previous close.
Gold futures for August ended down $2.30, or about 0.2%, at $1,411.20 an ounce.
On Monday, gold futures for August ended up $1.30, or 0.1%, at $1,413.50 an ounce, a near-two week high.
Silver futures for September ended up $0.313, at $15.678 an ounce, while Copper futures for September settled at $2.7000 per pound, down $0.0110 from previous close.
Data released by the Commerce Department said retail sales rose by 0.4% in June, matching the downwardly revised increase in May. Economists had expected retail sales to inch up by 0.1% compared to the 0.5% growth originally reported for the previous month.
Excluding a continued increase in auto sales, retail sales still rose by 0.4% in June after climbing by a downwardly revised 0.4% in May.
A report from the Labor Department showed U.S. import prices fell by more than expected in the month of June, decreasing by 0.9%. Revised data showed prices were unchanged in May.
Import prices had been expected to drop by 0.7% compared to the 0.3% decrease originally reported for the previous month.
The report showed that export prices slumped by 0.7% in June after dipping by 0.2% in May. Economists had expected another 0.2% drop.
The Federal Reserve released a report that showed industrial production was unchanged in June after climbing by 0.4% in May. Economists had expected production to edge up by 0.2%.
The report said manufacturing output climbed by 0.4% and mining output rose by 0.2%.
According to a report from the National Association of Home Builders, homebuilder confidence has unexpectedly shown a modest improvement in the month of July. The NAHB/Wells Fargo Index inched up to 65 in July after dropping to 64 in June. Economists had expected the index to come in unchanged.
On the trade front, U.S. President Donald Trump reportedly commented that an agreement with China on trade tariffs had 'a long way to go'.
Copyright RTT News/dpa-AFX