Gold slipped from three-week high on Wednesday as the rebound in U.S. dollar and rise in Asian shares lowered the appeal of the yellow metal.
The precious metal hit a low of $1246.13 an ounce, while currently trading around $1246.50 from the opening at $1254.94.
Gold retreated for a second straight session, where it probably faced some profit taking after rising to its highest level since March 18 on Tuesday.
The dollar index, which tracks the green currency’s movements, resumed its rebound for a second straight session to hover around 94.38 after hitting a bottom of 93.61 the previous session.
Against the yen, the green currency managed to recover from 17-month lows to trade around 109.17 from the session’s opening at 108.52.
This week, Fed Officials Patrick Harker and Robert Kaplan preferred a more cautious interest rate path this year, while John Williams said two to three rate rises in 2016 is reasonable.
Later in the day, the U.S. will release important economic data including retail sales and producer prices for March.
Asian shares soared 2016 highs after upbeat Chinese trade data that added to evidence the world’s second-biggest economy was recovering.
China’s exports climbed 11.5 percent year on year in March, marking the first increase since June, exceeding analysts’ projections, and showing significant improvement from February’s reading.
