Gold jumped to its highest in two weeks above $1,200 in Wednesday afternoon trading on fresh impetus from forecast-missing US retail sales and import prices data.
The spot gold price of $1,204.20/1,205.00 per ounce was up $12.10 on Tuesday’s close, its highest since April 30.
Other metals also performed strongly – silver jumped to its highest in two months at $17.06 and it remains near session highs at $17.00/17.05 per ounce, up 53 cents. Platinum was up $15 at $1,142/1,147 while palladium rose $9 to $789/794.
US retail sales at 0.0 percent missed consensus of 0.3 percent while the core figure at 0.1 percent fell short of the expected 0.4 percent. Import prices at -0.3 percent undershot the forecast 0.3 percent.
The figures suggest that Americans remain reluctant to spend despite consumers seeming better off because of cheaper gasoline prices. The numbers also suggested that the economic slowdown in the first quarter could continue into the second, knocking the dollar back to 1.1304 against the euro, a drop of 0.8 percent.
(Editing by Mark Shaw)
The post Gold price jumps to highest in two weeks after US data miss appeared first on The Bullion Desk.
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