Gold prices edged higher on Thursday and the dollar slipped from a two-week high after three Federal Reserve speakers argued that U.S. inflation is unlikely to get out of control despite the unprecedented government spending.
Spot gold rose 0.3 percent to $1,791.63 per ounce, while U.S. gold futures were up 0.4 percent at $1,791.10.
The Bank of England publishes the outcome of its latest rate-setting committee meeting and economic forecasts later in the day, and it is likely that the central bank might start to slow its pandemic emergency support.
Earlier in the day, Norway's central bank retained its policy rate and reiterated that the rate will be hiked in the latter half of this year.
In economic releases, Eurozone retail sales rose 2.7 percent in March from February, when volume was up 4.2 percent, Eurostat reported. However, the pace of growth exceeded the economists' forecast of 1.5 percent.
German factory orders increased 3 percent month-on-month in March, faster than the revised 1.4 percent increase seen in February, Destatis said. Orders were expected to climb 1.7 percent.
The U.K. service sector grew at the fastest pace since October 2013, driven by sharp increases in business and consumer spending amid easing of restrictions related to the COVID-19 pandemic, final data from IHS Markit showed.
Investors now await U.S. jobless claims data later in the day and April's U.S. monthly jobs report, including the non-farm payrolls, due on Friday for clues on when the Federal Reserve will dial back monetary stimulus.