The S&P 500 has rallied about 17% so far this year, with some investors questioning how long Wall Street's rally may last and concerned about a potential downturn.
Spot gold was little changed at $1,778.01 per ounce by 12:22 am EDT (1622 GMT), giving up some gains from earlier in the session as the dollar recouped initial declines.
The softer dollar, down 0.1pc, reduced gold's cost for holders of other currencies. Markets broadly shrugged off U.S. PMI data showing factory activity at a record high in June.
The Fed's policy stance will likely not change until its Jackson Hole meeting in late August, leaving Treasury yields in a narrow trading range, analysts said.
Amazon saw over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index.
But the recent surge in inflation in the world's largest economy is ramping up the pressure on policymakers to begin to pull back on stimulus programs.