June 19 - Gold prices edged up on Wednesday after data suggesting lacklustre U.S. economic activity kept alive hopes for at least one interest rate cut this year.
U.S. retail sales barely rose in May and figures for the prior month were revised considerably lower, data showed on Tuesday, suggesting economic activity remained lacklustre in the second quarter. The main drive for gold's price action remains the market expectations over the Fed's monetary policy and despite prices creeping up, the move is quite subdued as the market waits for more substantial news, said Ricardo Evangelista, senior analyst at ActivTrades."Market expectations point to at least one rate cut from the Fed. That scenario has been fully priced in the value of the dollar. Government purchases remain stable as well.
Political uncertainty surrounding Europe can be a positive, with elections in France and the UK nearing, Kinesis Money market analyst Carlo Alberto De Casa said.
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