Prices of the yellow metal surged on Tuesday amidst the Dollar's weakness. Easing inflation in the U.S. has strengthened hopes of an end to the Fed's rate hikes.
Data released just a while ago showed retail sales in the U.S. rising 0.2 percent in June, versus 0.5 percent rise in the previous month and expectations of an addition of 0.5 percent.
Monetary policy decisions by the Federal Reserve, the European Central Bank and the Bank of England are due in the coming weeks. The CPI data from the U.K. is due in this week.
The Dollar Index (DXY), a measure of the Dollar's relative strength against a basket of six currencies has increased 0.14 percent overnight to 99.98 The day's range was between a low of 99.59 and a high of 100.00.
Gold Futures for August settlement surged 0.94 percent to trade at $1,974.75. The day's trading range has been between $1,958.10 and $1,976.00.
Spot Gold gained 0.81 percent to trade at $1,970.84 per troy ounce. The day's trading range has been between $1,954.68 and $1,972.28.
