WASHINGTON (dpa-AFX) - Gold prices edged lower on Tuesday as investors await more U.S. economic data and Federal Reserve officials' speeches this week for additional clues on the Fed's rate trajectory.
Spot gold dipped 0.3 percent to $2,312.03 per ounce while U.S. gold futures were down 0.1 percent at $2,326.15.
The dollar traded higher ahead of U.S. economic reports on retail sales and industrial production due later in the day.
After Federal Reserve officials forecast just one interest rate cut this year, experts' views vary widely about when the U.S. central bank start cutting interest rates and by how much.
Patrick Harker, the president of the Philadelphia Federal Reserve, said on Monday that one reduction in interest rates 'would be appropriate by year's end' based on the current trajectory of inflation and the U.S. economy.
Traders remain hopeful the predictions will turn out to be overly conservative if inflation continues to slow in the coming months.
Elsewhere in Europe, Eurozone inflation accelerated in May, as initially estimated, largely driven by services cost, official data revealed today.
The harmonized index of consumer prices rose 2.6 percent on a yearly basis, following the 2.4 percent rise in April, Eurostat reported.
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