Precious-Gold was little changed on Wednesday, trading near its lowest level in 16 weeks amid improvement in U.S. economic data.

Data released this week from the U.S. showed that durable goods soared 0.8 percent from an upwardly revised of 3.6 percent in March, while consumer confidence surged to 83.0 this month from 81.7 the prior month.  

The recent economic figures suggest that recovery in the world’s biggest economy is moving on the right track.

Still, the focus is on U.S. data as investors aim to gather clues about the strength of recovery that would weigh on the Fed’s monetary decision in the future.

Inflation risks are muted and therefore the Fed does not “face a trade-off between its employment and inflation objectives, and an expansion of aggregate demand would result in further progress relative to both objectives,” minutes of the Fed’s monetary meeting for April said last week.

In China, net gold imports from Hong Kong slipped to 64.5 metric tons last month from 86.0 tons a month earlier, according to calculations by Bloomberg based on data from the Hong Kong Census and Statistics Department Tuesday.

Meanwhile, gold is trading around $1257.50 an ounce after hitting a high of $1259.81 and a low of $1255.57.

The metal plunged more than 2 percent on Tuesday while resumed its drop for a third straight session on Wednesday.

The U.S. dollar retreated from two-month high versus a basket of major currencies to hover around 80.53, after touching a high of 80.60.

Brent crude for July delivery was slightly changed to trade around $109.91 from the session’s opening of $109.90.

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