Gold Edges Up from Near Six-Week Low as Investors Weigh Fed Outlook

Gold prices edged higher on Thursday after touching a near six-week low in the previous session. The precious metal's value is being weighed down by investors assessing the US Federal Reserve's interest-rate increase and its signal that further tightening may follow.

The Fed raised interest rates on Wednesday, with new central bank chief Kevin Warsh joining a unanimous decision to acknowledge the Trump administration's inability so far to control inflation. Rising interest rates tend to pressure gold by increasing the appeal of interest-bearing assets.

Data showed US retail sales rebounded sharply in August as households boosted purchases of various goods while also spending more at restaurants and bars, reinforcing the economy's resilience even as consumers grow more anxious about high inflation.