Gold prices held steady on Tuesday as investors awaited U.S. retail sales data that could serve as an indicator of the strength of the world’s largest economy amid lingering concerns over global economic slowdown.

Spot gold was mostly unchanged at $1,413.20 per ounce, as of 0306 GMT.

U.S. gold futures were up 0.1% at $1,414.90 an ounce.

“Today we are sought of getting neutralised because we are heading into retail sales tonight. Investors are positioning realising there could be a knee-jerk reaction lower again if retail sales numbers come out strong,” said Stephen Innes, managing partner, Vanguard Markets.

However, “I don’t think it (retail sales data) is going to make a huge difference in overall scheme of things as far as the Fed narrative goes,” Innes added.

The U.S. data, due later in the day, is expected to imply that retail sales had edged up 0.1% in June, according to the median estimate of economists polled by Reuters. —Reuters