Otmane El Rhazi from
The Bullion Desk.
- The gold price was fairly unchanged on Friday afternoon after it peaked at its highest in three months on Thursday. .
- The story this week has been about the weakening dollar, with forecast missing US retail sales and PPI data for April driving the greenback downwards and ultimately giving the yellow metal the impetus to move higher.
- Sluggish demand at the start of the second quarter in the US will exacerbate fears that what was thought to be a temporary slowdown in the US economy in the first quarter may well stretch into the second
- Today, there were further indications of the potential slowdown, the UoM’s consumer sentiment number coming in strongly under forecasts – which has once again seen the dollar bearing the brunt.
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