Gold News

Gold & Silver Add 0.6% as US Retail Sales Shrink, Import Prices Jump

From Chris Mullen at

Gold rose as much as $8.85 to $1145.40 in early Asian trade on Thursday, before it fell in London to see a loss as low as $1130.78 an ounce by mid-morning in New York.

Gold then rallied back higher in the last couple hours of trade, and ended near its earlier high with a gain of 0.6%.

Silver also ended  0.6% higher vs. the Dollar, earlier rising to $18.70 before dipping to $18.33 in London.

The Gold Price in Euros rose to €788 an ounce.

Gold Mining and silver equities fell over 1% by late morning before they rebounded in afternoon trade, but they still ended with slight losses.

Platinum gained $37 to $1607, and copper fell slightly to about $3.38.

Oil and the US Dollar index fell slightly after Retail Sales for Dec. came in worse than expected.

Shrinking 0.3% overall – and down 0.2% excluding auto sales – US retail sales had been expected to extend Nov.'s 1.8% growth.

Weekly US jobless claims also came in worse than expected, while Import Prices for last month showed an 8.6% rise year-on-year thanks to the surge in crude oil.

Treasuries added to early gains after an auction of 30-year notes saw a high yield of 4.640% with a bid-to-cover ratio of 2.68.

The Dow, Nasdaq, and S&P rose on hopes for strong earnings reports.

Friday sees US Consumer Price Inflation data for December, expected at 0.2% month on month, with Core CPI (excl. food and fuel) expected up 0.1%.

The Empire Manufacturing Survey for January is expected at 12.00. Then at 09:15 EST comes Capacity Utilization for December (expected at 71.8%) and Industrial Production (expected up 0.6%). Just before 10am comes Michigan Sentiment for January, expected at 74.0.

Looking to Buy Gold today? Make it simple, secure and cost-effective using BullionVault...

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

See the full archive of Chris Mullen articles


Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals