On Tuesday, gold prices fell slightly as investors prepare for the publication of data on retail sales during the session to get further guidance on the strength of the US economy and the rise of interest rates.
During European morning trades, on the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell $ 1.70, or 0.15%, to $ 1153.70 for a troy ounce.
A day earlier, gold fell to $ 1144.80, the lowest level since March 17, before closing at $ 1155.40, up $ 2.50, or 0.22%. Futures are likely to find support at $ 1142.40, the low of March 17 and resistance at $ 1163.90, the high of July 13.
Also on the Comex, silver futures for September delivery fell 12.9 cents, or 0.83%, to get traded at $ 15.32 per troy ounce. On Monday, the price of silver fell 2.4 cents, or 0.16%, to $ 15.45.
The US Commerce Department is expected to report that retail sales rose 0.2% in June, after rising in May by 1.2%. Basic sales index is forecasted to rise by 0.5% after rising in May by 1.0%. Later on Tuesday, the US will also publish data on import prices and business inventories.
In addition, investors will focus their attention on tomorrow's presentation of Federal Reserve chief, Janet Yellen, to the Senate Banking Committee, to get any hints on the possible terms of a rate hike in the United States.
Last week, Fed Chairman said that the central bank keeps plans to raise interest rates this year, but warned that the weakness in the labor market persists.
Gold prices have come under pressure in recent weeks amid signs that the US economy is gaining strength after the recent weakness, increasing grounds for lifting rates this year.
The USD index, which tracks the dollar against the basket of six major currencies, is traded at 97.09, up 0.15% for today.
The euro fell as investors took a wait on the eve of the upcoming parliamentary vote in Greece on austerity measures required by the country's creditors in exchange for an agreement to avoid financial collapse.
Copper, for September delivery, fell 2.4 cents, or 0.93%, to get traded at $ 2521 per pound. On July 8, the red metal prices fell to a six-year low of $ 2381.
On Wednesday, China planned to publish data on GDP growth for the second quarter.