Gold and silver prices rose in early Asian trade on Wednesday following softer-than-expected US retail sales data, raising bets that the world's largest economy is cooling. The data, indicating weaker consumer spending amid sticky inflation, prompted a subdued dollar and fueled speculation that the Federal Reserve might cut interest rates further this year to support growth. Precious metals had struggled since tumbling from January highs but found some support from the weaker dollar.

However, gold remains about $600/oz below recent peaks. Silver also gained ground, though geopolitical tensions in the Middle East continued to dampen gold's status as a safe haven. Markets are now focused on the upcoming US payrolls report later Wednesday for clearer signals on the economy's trajectory and the Fed's policy path. Sustained labor market weakness could further boost gold demand as investors seek refuge from potential rate cuts.