Gold retreats for first time in four sessions to six-week trough

Gold prices fell nearly one percent in American trade to the lowest since May 16, even as the dollar index gave up ground, following earlier data from the US, the world's largest economy. 

As of 03:03 GMT, gold futures due on August 16 fell 0.92% to $1,244.90 an ounce from the opening of $1,256.40, while the dollar index shed 0.08% to 97.18 from the opening of 97.26. 

Earlier US data showed durable goods order down more than expected in May, while core orders rose below expectations in the same month. 

Otherwise, markets now await speeches by governors of global central banks, as ECB President Mario Draghi is scheduled to deliver opening remarks at the European Central Bank Forum on Central Banking, in Portugal, while Bank of England Mark Carney will talk in a press conference about financial stability in London. 

Federal Reserve Chair Janet Yellen will speak about global economic issues at the British Academy 'President's Lecture' 2017, in London tomorrow, while both Draghi and Carney will hold speeches as well, in addition to Bank of Japan governor Haruhiko Kuroda and Stephen Pollos, Bank of Canada's governor during the European Central Bank Forum on Central Banking, in Portugal.