Gold prices edged lower Tuesday, after four sessions of gains as dollar rose versus most major peers ahead of U.S. retail sales data. Investors scrutinize economic data for hints to the Federal Reserve’s plans for stimulus.
- As of 02:39 ET, gold lost 0.01 percent or 0.05 points to $1,336.75
- Silver for immediate delivery edged higher 0.41 percent or 0.0.09 points to $21.48
Gold traded slightly lower as traders await retail sales data from the U.S. later Tuesday for hints on when the Federal Reserve will scale back its stimulus. Data is forecast to show U.S. retail sales rose for a fourth month.
Official data on U.S. retail sales is due for release, where a strong showing could spark a rally by stoking sentiments that the world`s largest economy is gaining momentum and will hit the Fed could be ready to pull back its stimulus program.
As of (09:41 GMT+3), the dollar index traded around 81.45 after opening at 81.16; USDIX hit a high of 83.54 and a low of 81.16.
Gold rose in the previous session supported by Friday’s strong data from China that raised hopes of higher economic activity and increased demand for the precious metal from the second largest consumer in the world after India.
Gold rallied after reports showed the holdings in the biggest bullion-backed exchange-traded product expanded for the first time since June.
China`s gold consumption surged in the first six months of the year as sliding prices of the metal lured buyers, where demand for physical metal in china, jumped to 706.36 tons in the first half of the year, compared with 832.18 tons in 2012.
- Spot platinum went up 0.04 percent to $1,502.50
- Spot palladium fell 0.03 percent to $737.50
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Gold Hovers Near 3-Week High, US Retail Data In Focus
Published 08/13/2013, 06:19 AM
Updated 07/09/2023, 06:31 AM
Gold Hovers Near 3-Week High, US Retail Data In Focus
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