Positive retail sales drop by 1.45% in gold prices
Gold prices fell sharply after the release of positive retail data that supported expectations of monetary stimulus, which strengthened the dollar’s position against the precious metal, and gold lost 1.45% to fall to levels of 1772 dollars an ounce, after it crossed the highest level in 7 months at 1800 dollars an ounce.
The data released today, Friday inside the United States, revealed positive retail sales data last September, as the retail sales index recorded during that period an increase of about 0.7%, contrary to the expectations of the markets that indicated that the index decreased by only 0.2% during the same period, while the last reading of the index was It witnessed a rise of about 0.7% last August, and was revised to 0.9%.
The US dollar index rose to 94.01 points during the last hour of trading, after its previous decline to close at 93.96 points, and traded between 93.85 and 94.07 points during the day, after bad days in which the US currency suffered from investors' fears of high inflation, which may lead to obstruction Economic growth and recovery.
Is the US Federal Reserve to withdraw quantitative stimulus?
Divisions remain among central bank officials, even though the recovery in the US labor market is a sufficient signal for the Fed to begin tapering as planned in November 2021.
The International Monetary Fund's steering committee said yesterday that central banks and monetary policy makers should closely monitor inflation dynamics and be prepared to make critical decisions to confront it.
US data released on Thursday showed that the producer price index rose as much as 0.5% month-on-month in September, and 293,000 national benefits claims were filed at a lower-than-expected rate over the course of the week. More data will be released, including retail sales as well as consumer confidence from the University of Michigan and Michigan consumer expectations indicators.
High production of gold
Miner Barrick Gold announced on the New York Stock Exchange, on Thursday, an increase of up to 5% in gold production in the third quarter of the past three months, thanks to increased production at its Philadero mine in Argentina.
Regarding other precious metals, silver fell 0.4% to $23.45 an ounce, but it is heading for its biggest weekly gain for the seventh time.
Platinum fell 0.8% to 1,051 countries, after hitting its highest level since August 2, at $1,062.50 on Thursday, while palladium fell 0.53% to reach $2,139.5.
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