Gold Holds Near $4,376 as Soft US Data Dents Fed Hike Bets

Gold hovered near $4,376 an ounce as weaker US consumer sentiment and retail sales data reduced expectations of an imminent Federal Reserve rate hike.

Softer economic data generally supports the non-yielding metal because lower rates reduce the opportunity cost of holding gold compared with interest-bearing assets.

The shift in rate expectations helped bullion hold its recent level.